Today Yankee distributed $4.9 million in patronage refunds to members who borrowed from us in 2015. This represents approximately 48% of Yankee's 2015 net income of $10.2 million. The cash patronage refund effectively reduced average loan rates to members by approximately 24% in 2015.
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 21 years exceeding $63 million.
Click here for a news release issued today about Yankee's 2015 patronage refunds.
