Cooperative Elevator Company of Pigeon held its 107th annual shareholders meeting on Wednesday, April 13th at the Franklin Inn in Bad Axe. The purpose of the meeting was to announce the results of the Co-op Elevators Board of Directors election, as well as report financial information for the year ending January 31, 2022.
Incumbents Kurt Ewald of Unionville and Matthew Reibling of Sebewaing were reelected as directors for three-year terms. Matt Ross of Cass City was elected as a director for a three-year term–replace Les Roth, who chose not to run for reelection. Roth was recognized for his many years of work as director.
The Co-op Elevator also announced net margins of $13,210,574 on sales of $291,184,401 for the previous year. The profits will be returned to patrons in the form of a qualified patronage dividend based on the volume of business done during the fiscal year. Fort percent of the qualified dividend amounting to $4,165,000 will be paid in cash in September.
The Cooperative Elevator was incorporated and organized by farmers in November of 1915–it remains farmer-owned to this day.
