“Our cooperative has continued to experience favorable annual net incomes and resulting historical financial trends.  We are pleased to be able to revolve these allocated equities within our aggressive profit distribution plan to our Stockholders,” said Chuck Bostdorff, the Cooperative’s Chairman of the Board and farmer from Bowling Green, Ohio. “We have paid a cash patronage to our Stockholders for 20 consecutive years, and today, we are distributing our profits faster than ever before.”  Since 1987, AG CREDIT has allocated and returned over $85.8 million in patronage refunds including cash distributions totaling nearly $20 million in 2006 and 2007 to its borrowing stockholders in NW Ohio.

“Returning these allocated equities to our borrowers in cash, further reduces their effective net cost of borrowing,” CEO Neil Jordan stated.  “The direct reduction to our Stockholders’ interest rates averaged approximately 200 basis points, or about 2.0% of interest rate reduction.  With the upward activity of the Federal Reserve over the past 28 months, our patronage is a welcome relief to our farmers and agribusinesses.”

“The immediate future of our patronage program looks, equally, as bright.  Our past year’s cash and allocated reserve assignments have run in excess of 26% of the interest our borrowers paid.  In other words, for every dollar of interest paid, 26.49 cents was designated as profits to be distributed to our Stockholders,” Jordan said.

AG CREDIT, a farmer-owned cooperative, makes long-term farm and country home loans, intermediate-term loans and leases for machinery, equipment and buildings and short-term production loans.  Other financial services available through the cooperative are credit life insurance, crop insurance, appraisal services and leasing programs.

As of August 31, 2007, AG CREDIT had over $760 million of loans outstanding to approximately 4,500 members. The Cooperative has 13 branch offices located in NW Ohio and serves Crawford, Erie, Hancock, Hardin, Henry, Huron, Lorain, Lucas, Marion, Morrow, Ottawa, Paulding, Putnam, Sandusky, Seneca, Van Wert, Wood, and Wyandot counties.

FOR IMMEDIATE RELEASE                                 Contact: June O’Neill
July 2007

AG CREDIT Promotes Ebert

AG CREDIT, a rural agricultural financial cooperative serving 4,500 Farm Families and agribusinesses in Northern Ohio, has promoted Daniel Ebert to its Chief Financial Officer (CFO) position.

Ebert, a resident of rural Morrow County began his career in the cooperative’s Mt Gilead Office in 1986 as an Account Officer, and has progressively assumed additional responsibilities each year.  In 1994, he was promoted to Assistant Vice President to manage the Office. 

“Dan has been progressive, innovative, and positive in his management since accepting his Office management position,” Cooperative President, Neil Jordan said.  “He was instrumental in leading our Teams in helping our membership take full advantage of the historically low interest rates presented in 2003.  Dan was first to recognize the savings that our membership could gain, and he was aggressive in re-establishing better terms for them.”

Ebert, a graduate of the Ohio State University has received continuous education in lending, appraising, credit administration, and cooperative operations.

AG CREDIT Chairman, Chuck Bostdorff, and farmer from Bowling Green, Ohio, said, “We are pleased that Dan accepted our CFO position.  He is well prepared, and we are anticipating his many continuing contributions to add to the success of our cooperative business.” 

Dan and his wife, Lisa daughter, Kirsten, and son, Josh, reside in rural Cardington.

AG CREDIT is a rural cooperative lender who shares it annual profits with its membership.  It serves members in 18 Counties in Northern Ohio.