AgCredit Announces $26.7 million Profit Sharing

AgCredit – one of northern Ohio’s largest lenders for farmers, rural homeowners and agribusiness – recently declared a record patronage refund of $26.7 million to eligible customer owners.

FOSTORIA, OH (April 2, 2019) AgCredit – one of northern Ohio’s largest lenders for farmers, rural homeowners and agribusiness – recently declared a record patronage refund of $26.7 million to eligible customer owners.

This patronage payment provides a refund of 30 cents for every dollar of interest accrued on eligible loans for the past year. Interest rates averaged 5.42% across the cooperative in 2018 and the patronage refund effectively lowered the average rate to 3.79%.

For 32 consecutive years, AgCredit has paid patronage refunds and distributed more than $298 million to its customers. During the past five years, they averaged a 28.35% patronage refund rate.

“Sharing our profits with our customers is what sets us apart from other lending institutions. We are grateful for our customers and are very pleased to share their cooperative’s success with them, especially during these challenging and uncertain times in agriculture,” said Brian Ricker, AgCredit CEO.

AgCredit is celebrating this record return with its more than 7,200 customers by hosting patronage open house events at its branch offices.   

AgCredit is cooperatively owned by its customers and is a member of the nationwide Farm Credit System.  For additional information, please visit www.AgCredit.net.