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UNITED FCS DISTRIBUTING NEARLY $5 MILLION IN CASH PATRONAGE |
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FOR IMMEDIATE RELEASE February 19, 2010 CONTACT: Marc Knisely,
CEO
320-214-5024 |
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| WILLMAR, Minn. - Amidst volatile and turbulent
economic times in some sectors of agriculture, United FCS, posted
strong operational performance again in 2009 continuing a trend
of Association success. As a result, United FCS has announced
that it is distributing $4.8 million in cash patronage - a return
of a portion of the Association's net earnings - to eligible
customer-members. United FCS members in Wisconsin and Minnesota
will receive the payout in early March. This distribution to
customers puts the combined total patronage paid to over $43
million since formation of United FCS in 2002. "United FCS remains fully committed and focused on our mission of enhancing the success of our membership," said Marc Knisely, CEO of United FCS. "During uncertain economic times, our results illustrate the Board and staff's commitment to serving agriculture and rural communities for the benefit of our members." Knisely also noted "The Association is well positioned to meet the challenges of a weak global economic situation and the volatility impacting certain agricultural sectors. We know that the financial strength of our cooperative plays a key role in assisting our customer-members in maintaining a healthy bottom line. The Association leverages a solid capital surplus position to access funds at very good rates which in turn allows us to offer very competitive interest rates to our customer-members. Celebrating another successful year for the Association by returning cash to customer-members through patronage is one of many ways we provide membership value." "We are very pleased to demonstrate our commitment to the cooperative principles of returning excess capital to qualifying members in the form of patronage," said Stan Claussen, Board Chair, "In fact, we take it a step further by thanking our customers for their 'patronage' by returning all patronage 100% in cash. I'm also pleased to share that the Board of Directors has adopted a resolution authorizing continuation of the patronage program for 2010, subject to Association performance." United FCS is a part of the National Farm Credit System that has been supporting agriculture and rural communities for over 93 years. Serving over 4,600 customer-members the Association has a primary focus on a 22-county service area in West Central Minnesota and North Central Wisconsin providing loans, leases and a wide array of financial services. |
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