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AgWest distributes $414 million in cash patronage dividends
AgWest Farm Credit, an agricultural lending cooperative, has distributed $414 million in cash patronage dividends to its customer-members.
These dividends, amounting to 1.25% of customers’ eligible average daily loan balances in 2024, will help reduce borrowing costs for eligible farmers, ranchers, timber producers and others across the West.
AgWest Farm Credit was established on January 1, 2023, through the merger of Farm Credit West and Northwest Farm Credit Services. Both legacy associations shared a robust history of returning a significant portion of their net earnings to members.
"In support of our members, we are committed to sustaining a strong and reliable patronage program, and this year’s distribution is a testament to our cooperative strength and shared success." said Bill Perry, AgWest President and CEO. "By sharing the financial benefits of our cooperative structure, we’re helping our members thrive, even during challenging times."
The patronage program represents a vital part of AgWest's cooperative relationship with its customer-members. Each year, the Board of Directors evaluates net earnings to decide how much to retain for long-term capital strength and how much to distribute to members. Patronage dividends are based on eligible average daily loan balances, providing customers with not only competitive interest rates but also direct financial returns.
"Our ability to return value to our members underscores the resilience and dedication of our cooperative," said Doug Filipponi, AgWest Board Chair. "This is just one of the ways we ensure that our members actively share in our success."
For more information visit AgWest Patronage Program.