AgCredit Distributes $22 Million Patronage Dividend to Borrower-Owners
AgCredit – one of northern Ohio’s largest lenders for farmers, rural homeowners and agribusiness – announced today that it will distribute $22 million to its borrower-owners through its patronage program.
Each year, AgCredit’s Board of Directors reviews the cooperative’s net income and determines how much to return to the cooperative’s borrower-owners in the form of patronage. Qualified borrower-owners will receive their share during events at their local offices, through the mail or through direct deposits into their bank accounts. This is the 38th consecutive year AgCredit has distributed patronage with a total of over $466 million returned during that time.
“Our patronage dividend program is one of the biggest ways we give back to our borrower-owners. By returning a portion of our earnings each year, we’re effectively lowering the cost of borrowing and reinforcing our commitment to the farmers, agribusinesses, and rural communities we serve,” said AgCredit President and CEO Brian Ricker.
AgCredit already offers competitive rates on loans, but on average over the past five years, the patronage program has reduced rates by an additional 1.38%. Dividends are distributed based on the amount of interest accrued on your loan with a five year average patronage return of 28.06%. The more business you do with AgCredit, the larger your potential patronage refund!
At AgCredit, we put our profits in your pockets.
AgCredit is a member of the nationwide Farm Credit System. For more information about the Association and its patronage dividend program, please visit www.AgCredit.net.