We’re excited to announce that we are going to increase the amount of the cash patronage dividend we pay to member-owners, as well as distribute it early, in response to the challenging agricultural economy.
“We wanted this year’s cash patronage dividend distribution to be especially meaningful to the member-owners of Premier Farm Credit,” said Wayne Midcap, Board Chairman. “$4.5 million is a significant increase, and comes at a time when producers are struggling with the ongoing downturn in the ag economy, along with the ever-present challenges of the industry. Increasing the cash patronage dividend, while still maintaining the solid financial position of the business, is one way we can help.”
The checks will also be mailed nearly a month early, giving our member-owners early access to the funds.
“In addition to increasing the cash patronage dividend amount, we know that changing the timing will also help our members,” said President and CEO Michael Grauberger. “We’ve accelerated the payout process so that the funds will be available sooner. The success of our member-owners is a core value of Premier Farm Credit, and we want to help them succeed in any way we can.”
This marks the twenty-second consecutive year Premier Farm Credit has paid a cash patronage dividend back to our borrowers, bringing the total returned in that time frame to nearly $60 million. This is a significant benefit to the member-owners (who are predominantly local farmers and ranchers) and also to local communities. It is also in line with our mission-driven approach of working diligently to support agriculture and rural communities, today and tomorrow.
Cash patronage dividend payouts are a hallmark of the entirely member-owned Farm Credit System, established in 1916, which Premier Farm Credit is a part of. Premier Farm Credit has aggregate loan volume of nearly $700 million and has offices in Sterling, Fort Morgan, Yuma and Holyoke.