St. Patrick’s Day will feel even luckier this year for GreenStone Farm Credit Services members. The GreenStone Farm Credit Services board of directors has approved $115 million in patronage dividends to be paid to its 27,000 member-owners on March 17, 2022.
This record-level of patronage, nearly 45% of GreenStone’s net profits, brings total patronage payments to $720 million over the 17 years of the program – that makes 2022 Lucky 17!
“We are so excited and so fortunate to be sharing these profits with our customers,” said GreenStone President and CEO Dave Armstrong. “As a member-owned cooperative, our success is a direct result of our members’ strength and commitment. Along with ensuring financial stability to being a partner for our members, returning these earnings to them is one of the many key benefits we can provide to affirm our commitment to them.”
GreenStone has always been committed to seeking additional ways to provide added value to customers and stockholders. This program makes the cooperative unique, as it is a financial institution that not only is truly competitive in interest rates and sound in capital, but also hands back a significant portion of the interest its members have paid to them. This year’s patronage check back to them averages 1.25% of their loan balance.
In addition to the dividend return to members, GreenStone will also be showing appreciation through GreenStone’s Member Grown Outreach program, with a total of $20,000 in donations given to local organizations and charities. To connect our members to our effort to strengthen our support of the local communities, money will be directed to groups based on member votes at their local branch.
“We’re honored to have earned this level of trust from our farmers and rural consumers in Michigan and northeast Wisconsin,” Armstrong said. Though Patronage Day is taking place on March 17, he added, “It’s not luck; it’s our commitment to do everything we can do support our members.”
The ability to provide this value of cooperative partnership is a result of strong loan growth, operational efficiencies, and members’ continued commitment to their own personal and businesses obligations, which all lead to these strong net earnings.
The cooperative continues to build and grow for the future in support of its members. GreenStone continues to diversify the company portfolio by increasing involvement into country living and rural homeowner products and services.
GreenStone members are invited to visit their local branch on March 17 to participate in the Patronage Day celebration. For more information about the Patronage Program, visit our website here.