PERRYVILLE, Mo. — Citizens Electric Corporation’s Board of Directors has authorized a capital credit retirement of approximately $2.25 million to members who had service with the Corporation during the years of 1998, 1999, & 2020. The retirement refund will clear 100% of the remaining 1998 patronage, 10.47% of 1999 patronage and 35.03% of 2020 patronage. If any amounts from past retirements exist, they will also be reflected in the retirement amount received. Statement credit will reflect on member accounts in August.
Although Citizens Electric is a corporation, it conducts business as a member-owned, not-for-profit cooperative. Funds paid to the Corporation that exceed expenses are called patronage capital or capital credits. At the end of every year, these funds are assigned to each member according to the amount of electricity purchased during that year. By using these funds to build new lines and update Citizens’ electric system, the Corporation is able to reduce borrowings and provide reliable electric service at the lowest possible cost.
The decision to refund capital credits is the sole discretion of Citizens Electric’s Board of Directors and is determined each year based upon the financial condition of the Corporation.
Due to the expense of issuing checks, credits totaling less than $20.00 will be held until future capital credit retirements are processed and the cumulative total to be paid reaches $20.00.
Estate Retirements are available at a discounted rate. If a member receives a retirement check as Power of Attorney, contact our Member Services team to complete the necessary paperwork to obtain a final retirement.
Questions concerning capital credits can be directed to our Member Services team by calling us at (877) 876-3511 or emailing the team at citizens@cecmo.com
More about Citizens Electric Corporation
Citizens Electric Corporation, established in 1947, is a not-for-profit corporation operating as an electric cooperative located in Perryville, Missouri. Citizens Electric services over 27,000 members in Perry County, Ste. Genevieve County and portions of Cape Girardeau, Bollinger, Jefferson, and St. Francois County. For more information, visit www.cecmo.com or follow Citizens Electric on Facebook and LinkedIn.