FLBA of South Alabama to distribute $3.2 million to borrowers

The Federal Land Bank Association of South Alabama, FLCA  will distribute $3.2 million in cash patronage to its borrowers, based on the FLBA’s financial performance in 2007.

“We are pleased to continue the long history of sharing our financial success with our stockholders,” said Thomas Dozier, chairman of the board of directors. “This $3.2 million cash refund effectively lowers our stockholders’ interest rate for the year by approximately 65 basis points, or 0.65 percent, proving once again that it pays to do business with the Federal Land Bank.”

This is the tenth year that the FLBA of South Alabama has declared a dividend or patronage payment to its customers. With this year’s distribution, the lending cooperative has returned more than $24 million in stock refunds, dividends and patronage to stockholders since 1996.