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When the FLBA of North Alabama, FLCA does well financially, you benefit. As a cooperative, we support to cooperative principle of sharing our success with our customer-owners. That's the basic philosophy behind the patronage refund program. Investor-owned lenders pay dividends to their shareholders based on their ownership shares in the company. In contrast, we pass our earnings along to customers in the form of patronage. Every borrower is also a stockholder who receives a part of the association's profits. The more you borrow, the bigger your share of earnings. |
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| This year, FLBA of North Alabama, FLCA returned more than $2.39 million to our borrowers based on our 2007 financial results. This is the tenth consecutive year we are giving back to you, the borrower. The ten-year total comes to over $8.8 million. Our commitment to sharing our profits with you comes from our cooperative structure. No other type of lender offers you such an advantage. |
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Lowering Your Effective Interest Rate
The most important benefit of our patronage program is that it lowers your effective interest rate. You not only receive a competitive rate up front, but you could receive a patronage dividend in years when the association does well.
Every year, after the board of directors decides how much of the Association's earnings need to be maintained as capital to fund the association's growth, we are able to return the remainder as a patronage refund to you. |
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| At FLBA of North Alabama, FLCA, we recognize that our success depends on you. Our mission is to serve you well by providing the financing you need to be successful. And when you are successful, we are accomplishing our mission. |
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