AgCredit Distributes $22.6 Million Patronage Dividend to Member-Owners
AgCredit – one of northern Ohio’s largest lenders for farmers, rural homeowners and agribusiness – announced today that its Board of Directors has declared a $22.6 million patronage dividend for its member-owners.
This distribution marks the 39th consecutive year AgCredit has returned patronage, bringing total distributions over that period to $488 million. Each year, AgCredit’s Board of Directors reviews the cooperative’s net income and determines the amount to be returned to member-owners through the patronage program.
“Our patronage program is a meaningful way we share our success with the people we serve,” said Brian Ricker, President and CEO of AgCredit. “It reflects our commitment to supporting local agriculture and helping our members plan and invest for the future.”
In addition to offering competitive loan rates, AgCredit’s patronage program has reduced effective borrowing costs by an average of 1.22% over the past five years. Patronage is distributed based on interest accrued, with a five-year average return of 23.85%. The more business a member-owner does with AgCredit, the larger potential patronage refund.
Qualified member-owners will receive their share during events at their local offices, through the mail or through direct deposit.