Farm Credit East pays dividends to Maine farmers, foresters, fishermen
Farm Credit East, the Northeast’s largest agricultural lending cooperative, distributed a record $56 million in cash patronage dividends to more than 11,000 farm, fishing and forestry business owners and operators across Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York and Rhode Island.
Of that total, Farm Credit East distributed $5.8 million to its 750 Maine members.
On average, eligible customers will receive back in excess of 25% of the interest they paid in 2016.
As owners of their financial cooperative, Farm Credit East’s customers share in the financial success of the cooperative through patronage dividends. Since the patronage program was first adopted, customer-owners of Farm Credit East (and predecessor cooperatives) have earned $653 million in dividends from ownership of their cooperative. This is the 21st consecutive annual patronage payment paid by Farm Credit East, which is an Agricultural Credit Association.
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