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Corn Belt Energy retires $7.5 million in capital credits

Published: Wednesday, July 31, 2013 1:00 p.m. CDT • Updated: Wednesday, July 31, 2013 1:02 p.m. CDT
Caption
(Photo contributed)
Corn Belt Energy Directors re-elected to serve three-year terms at the cooperative's 75th annual meeting were Robert Whitwood Jr. (from left) of Hudson (District 1), Ralph Steiger of Delavan (District 2), Lavern Malone of Maroa (District 5), Stephen Schertz of El Paso (District 3) and Robert Angus of Ottawa (District 9).

BLOOMINGTON — Corn Belt Energy officially announced the retirement of $7.5 million in capital credits to cooperative member-owners, the largest single retirement in the co-op’s 75-year history. Chairman of the Board Rae Payne made the announcement during the co-op’s 75th annual meeting at Central Catholic High School in Bloomington on June 21.

“Returning capital credits to members is an important part of cooperative ownership, and we’re excited to announce the $7.5 million retirement during our historic 75th annual meeting,” said Payne.

A total of $4.5 million will be returned to members who were on co-op lines in 2010, 2011 and/or 2012; they will receive a portion of their capital credits allocation from those years. A total of $3 million will be returned to those who were Corn Belt Electric members from 1971 to 1982 (Champaign, DeWitt, Ford, Livingston, Logan, Macon, McLean, Piatt, Tazewell and Woodford counties) and those who were Illinois Valley Electric members from 1961 to 1968 (Bureau, Henry, Kendall, Knox, LaSalle, Marshall, Putnam and Stark counties).

More than 48,000 checks will be mailed to current and former co-op members in late June. Corn Belt Energy President and CEO Jeff Reeves, who is retiring later this year after 40 years of service at the cooperative, gave his final report to members at the annual meeting. Corn Belt is currently conducting a nationwide search for the co-op’s fourth president and CEO. Payne remarked,

“Our next coop manager will have some big shoes to fill. Mr. Reeves has served Corn Belt Energy with solid leadership while providing valuable direction since the ‘70s. He will leave a solid legacy that will guide the co-op into a new chapter.”

About 1,200 cooperative member-owners and family members attended Corn Belt Energy Corporation’s 75th annual meeting. Attendees enjoyed complimentary lunch, an electric safety presentation from Live Line Demo, and several free activities for children including face painting and bucket truck rides.

After the meeting, the directors organized and re-elected Rae Payne of Bloomington as chairman, Charles Meisenheimer of Walnut as vice chairman, Albert Hagenbuch of Utica as secretary/treasurer, and Janice Reimer of Carlock as assistant secretary/treasurer.

Started in 1938 to bring electricity to rural central Illinois, Corn Belt Energy Corporation now distributes electricity to more than 35,000 households and businesses throughout 18 counties.

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