2021 CUSTOMER APPRECIATION MEETINGS
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FINANCIAL PARTNER
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CEO Reynolds reported Farm Credit East’s financial condition remains strong despite headwinds in some industries. This strength will provide the cooperative the capacity to work with members through challenging periods; the capital to help members grow or adapt their businesses; and the resources to invest in the future of the cooperative, including investments in the people and technology required to meet members’ needs and compete in a changing business environment. Overall, the association looks forward to joining two highly skilled teams to better serve the region’s agriculture, commercial fishing and forest products businesses.
CUSTOMERS’ SHARE IN OWNERSHIP $100 A benefit of customer $90 ownership is patronage $80 dividends, and the Farm $70 Credit East $60 Board is committed $50 to returning $40 that value to members $30 each year. $20 For the full year $10 2020, Farm Credit East 0 customerowners Special patronage paid in 2018 and 2019. received $89 million in patronage dividends. This is equivalent to 1.25% of average eligible loan volume, which is an increase from about 1.00% the last several years. Since the patronage program was first adopted, customer-owners of Farm Credit East (and predecessor cooperatives) have earned $977 million in dividends. The merged 19 9
FINANCIAL STRENGTH TO SERVE CUSTOMER BUSINESSES Attendees heard a cooperative update from CEO Reynolds and Board Chair Griffen or Vice Chair Knopf. A key piece of the association’s strategy going into 2022 is the merger with Yankee Farm Credit. Board leadership updated members on the work of both associations’ board and management teams over the past several months to assess the merger to ensure the combined entity will continue to return value to Northeast farms, fishing and forest products businesses.
