Farm Credit Services of ND re-elects board member and passes new Ca$h Dividend$ Program
Stockholders of Farm Credit Services of North Dakota elected one director and five nominating committee members during the recent election period ending Aug. 3, for the board member and nominating committee elections and Aug. 4 for the Capitalization Bylaw Amendments.
Mark Martinson, Rolette, was re-elected to the Board of Directors for a four-year term. Stockholders re-elected Mark Birdsall, Berthold, Alan Effertz, Velva, Dean Schoenberg, Mohall, and Robert Schaefer, Glenburn, and newly elected Austin Hager, Karlsruhe, for one-year terms on the nominating committee.
Stockholders also passed the Capitalization Bylaw Amendments which supports the implementation of a new “Farm Credit Ca$h Dividend$” program. The association’s capitalization bylaws had not undergone a complete update since 1999 and contained many obsolete provisions and references that were no longer relevant to the association’s current structure and capitalization. In addition, given that they have now built capital levels that allow for the payment of patronage dividends, they wanted to add additional detail in the Capitalization Bylaws regarding the Board’s authority to declare and allocate patronage dividends.
Farmers and ranchers are in the midst of a prolonged ag economic downturn. Farm Credit Services believes producers deserve every benefit and advantage possible. “After several years of low ag commodity prices and related economic challenges, not to mention even more uncertainty in 2020 due to the national and global COVID-19 pandemic, it is the right time to develop and deliver a major new customer benefit,” says Gordon Hanson, CEO. “Our top priorities are to deliver constructive credit and crop insurance, provide value-added expertise and service, keep interest rates low, and now also deliver cash dividends to our borrower-owners,” added Hanson.
Farm Credit Services of North Dakota is a member-owned agricultural cooperative providing loans to farmers and ranchers for real estate, machinery, livestock, and operating needs. FCSND also offers life & disability and crop insurances to the rural community. FCSND serves 17 counties in northwest and north central North Dakota through branch offices located in Minot, Bottineau, Carrington, Crosby, Rugby, and Williston, as well as Bowbells.