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Clem Kalthoff (right) received a retirement equity check from Payneville Farmer Union Co-operative of $50,294 from co-op chairman Robert Hemmesch at the annual meeting in July.

The co-operative paid $157,600 in retired equity to 78 members aged 70 and above, including $50,300 to Clem Kalthoff of Paynesville. The co-operative - which includes an agronomy department, L.P. gas sales, and a convenience store - paid cash dividends of $75,200 to 1,213 members.

The co-operative - which has 18 employees - has total assets of $4.9 million as of March 31, 2004.

It is owned by members, who must be either producers of agricultural products or cooperative associations whose members are agricultural producers.