What is the FCS Financial 2008 Patronage Program?
The board has determined that the association’s patronage payments from 2008 net earnings will be in the form of cash and the amount paid will be based on the member-owner’s contribution to net interest margin. Who is eligible for the 2008 patronage program? Typically, all member-owner loans that were capitalized in 2008 by stock or participation certificates are eligible for patronage, except in the following circumstances: • Loan is in non-accrual status and past due at the end of the year; • Loan has been partially or fully charged off; and/or • Loan has a dollar or less of average daily balance. For details on how the 2008 Patronage Program applies to large loan accounts, contact your FCS Financial loan professional. Do insurance-only member-owners qualify for patronage? No. Member-owners who only have crop insurance relationships with us do not qualify for patronage. Insurance law prevents us from distributing insurance income directly to the member-owner who generates that income
