FOSTORIA, OH – one of northern Ohio’s largest lenders for farmers, rural homeowners and agribusiness – announced today that it will distribute $31 million to its borrower-owners through its patronage program.
This year’s profit sharing provides a refund of 40 cents for every dollar of interest accrued on eligible loans for the past year. Interest rates averaged 4.41% across the cooperative in 2021, and the patronage refund effectively lowered the average rate to 2.64%.
“This marks 35 consecutive years AgCredit has distributed profits to its borrower-owners. This longevity is a measure of our financial stability and commitment to our members,” said Brian Ricker, AgCredit President and CEO. “We are owned by our members and governed by a board of directors consisting of local farmers and agribusiness owners who clearly understand the challenges our members are facing today.”
Each year, AgCredit’s Board of Directors reviews the net income of the cooperative and determines how much to distribute back to their borrower-owners. Qualified borrower-owners will receive their share when checks are mailed this month. 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.