The following was originally distributed as a news release.
Yankee Farm Credit Announces 2020 Patronage Payments
Refunds $7.6 Million to Members
Williston, Vermont (March 11, 2021)
Yankee Farm Credit is excited to announce a distribution of $7.6 million to its members who borrowed from the cooperative. This distribution represents approximately 60% of Yankee’s 2020 net income of $12.7 million.
The distributions represent patronage refunds, which allow Yankee members to share in the cooperative’s 2020 earnings. As of March 9, 2021, $4.1 million of the declared patronage has gone out to members through ACH. Checks for the remainder will be mailed March 19, 2021, for a total of 1,395 payments.
Michael K. Farmer, Yankee Farm Credit’s Acting President and Chief Executive Officer explained, “The patronage refunds we provide to members are based on the profits that our Association generated last year. The refunds were possible due to the high quality of our members and the strong management of the Yankee Farm Credit team. We never forget that our members own Yankee Farm Credit, and whatever we don’t need to keep the Association strong, we return to our owners. Patronage refunds represent one of the advantages of borrowing from your local Agricultural Credit Association”.
“We are so fortunate to work for our members. The business of agriculture has never been more complex or more rewarding. Having a strong Agricultural Credit Association is essential to the health of the industry,” added Mr. Farmer.
In 2020, Yankee Farm Credit celebrated its 25th year as an Agricultural Credit Association, and has paid patronage to its members every year. The Association has distributed $97.2 million back to its members, since its formation in 1995.
Yankee Farm Credit is a member-owned cooperative which provides loans and financial services to farmers and other rural customers. Yankee is an agricultural credit association (ACA) within the national Farm Credit System. Yankee serves all of Vermont, four counties in New Hampshire (Cheshire, Coos, Grafton and Sullivan) and two counties in New York (Clinton and Essex).