RIDGELAND — First South Farm Credit member-borrowers will receive approximately $13 million in patronage refund checks in April.
Patronage, which is a form of dividend payment, is based on the association’s year-end earnings.
Shep Morris, chairman of the First South board of directors, said, “This is the 19th consecutive year we’ve paid a patronage refund. Over that period of time First South has declared patronage totaling over $254 million to be paid to its member-borrowers through patronage refunds and retirements of allocated surplus.”
First South Farm Credit is a farmer-owned cooperative providing short, intermediate and long-term financing and related services to full and part-time farmers, agricultural-related businesses and rural residents in Louisiana, Mississippi and Alabama. First South serves 5,000 members with loans outstanding totaling over $1.4 billion through its network of over 40 branch offices in its three state territory.