AgCredit – one of northern Ohio’s largest lenders for farmers, rural homeowners and agribusiness – announced 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 37th consecutive year AgCredit has distributed patronage with a total of over $444 million returned during that time.
“Our ability to return patronage dividends to eligible borrower-owners in our territory for 37 consecutive years demonstrates the commitment of our cooperative,” said AgCredit President and CEO Brian Ricker. “I invite all AgCredit borrower-owners to stop into their local office on Thursday, April 4, 2024 to celebrate with our team. Checks will be available for pick up and refreshments will be served.”
How do patronage refunds benefit AgCredit borrower-owners? They reduce their cost of borrowing. AgCredit already offers competitive rates on loans, but on average over the past five years, the patronage program has reduced rates by an additional 1.67%. Dividends are distributed based on the amount of interest accrued on your loan with a patronage return of 20.46% for 2023. The more business you do with AgCredit, the larger your potential patronage refund!
Simply put, it pays to be a member of AgCredit.
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.
