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AgWest returns $387 million in cash patronage dividends
AgWest returns $387 million in profits to eligible customer-owners—farmers, ranchers, timber producers and commercial fishermen—as patronage dividends, significantly reducing total borrowing costs.
Spokane, Washington (Feb. 21, 2024) AgWest Farm Credit – an agricultural lending cooperative – distributed cash patronage dividends equal to 1.25% of customers’ eligible average daily loan balances in 2023. Eligible customers throughout the West received patronage payments totaling $387 million.
On Jan. 1, 2023, Farm Credit West and Northwest Farm Credit Services merged to form AgWest Farm Credit. These legacy associations shared a strong history of returning a significant portion of net earnings to customers as patronage dividends, effectively reducing their borrowing costs.
“Despite the broad implications of higher interest rates, inflation, and volatility in the ag economy, AgWest continues to be a strong financial partner for our customer-members as we consistently deliver a strong return through our patronage program,” said Doug Filipponi, AgWest Board Chair.
Mark Littlefield, AgWest President and CEO shared, “In our first year operating as AgWest, we generated strong financial results, which support continued patronage dividends in an economy that has been challenging for many. Through patronage, we share the financial benefits of a cooperative, which helps our customers and communities thrive.”
For more information visit Agwest Patronage Program.