For the fifth consecutive year, AgCountry’s Board of Directors has declared 100 basis points (1%) patronage dividends on business conducted with the cooperative in 2023. AgCountry’s patronage program grants the Board of Directors the ability to distribute a portion of the association’s net income to its member-owners on eligible business when financial conditions allow.
To share in AgCountry’s unique success in 2023, the Board has declared a special secondary 50 basis points (.5%) patronage dividend. The total combined patronage dividends paid on business conducted in 2023 is a record $125 million!
“Our farmer-led Board understands the unique challenges of today’s world,” said Lynn Pietig, board chair of AgCountry. “We are proud of the work we accomplished in 2023 by navigating a changing marketplace. This announcement demonstrates our commitment to the long-term vitality of farmers and ranchers.”
The patronage program is part of the cooperative's mission to serve agriculture and rural America, helping to manage overall interest expenses and significantly reduce total borrowing costs. Member-owners of AgCountry benefit by sharing in the financial success of the cooperative.
“As a farmer-owned cooperative, we are focused on serving agriculture and rural America with specialized financial products, services, and risk management tools that support member success,” shared Marc Knisely, AgCountry president and CEO. “Patronage dividends are a part of our cooperative’s value proposition to our membership and reflect strong fiscal stewardship.”
AgCountry’s patronage dividends will be paid in two installments, with the first coming in March and the second tentatively set for mid-2024.