Building relationships with our customers is at the core of what we do. We're proud to return $7.5 million in cash patronage to you, our borrowers, through our cooperative partnership. Since 1996, we've returned over $61 million in patronage to our stockholders. This means a decrease in our borrowers' effective interest rate for 2022 by approximately 83 basis points (0.83%).
Patronage payments are a cornerstone of the cooperative business model, and can significantly reduce the cost of borrowing for our member-borrowers. As part of the nation-wide Farm Credit System, Mississippi Land Bank is cooperatively-owned, meaning we are owned by our member-borrowers and that they, in turn, share in our financial success when the Association performs well.
Learn more about other benefits of our cooperative business structure here: https://www.mslandbank.com/about/membership-benefits