Spring – a time when the sap starts to flow, the snow banks are slowly receding and days are getter warmer. It’s also the time when Yankee distributes patronage refunds to our members.
Today Yankee distributed $4.6 million to members who borrowed from us in 2014. This represents approximately 46% of Yankee's 2014 net income of $10.1 million. The cash patronage refund effectively reduced average loan rates to members by approximately 24% in 2014.
When Yankee has a successful year, patronage refunds represent one of the advantages of borrowing from us. The refunds were possible due to our high quality loan portfolio and members.
Yankee has paid patronage refunds to its members every year since 1995, with total payments over those 20 years exceeding $58 million.
Click here for a news release issued today about Yankee's 2014 patronage refunds.
