Farmer-owned cooperative has returned more than $1.25 billion to eligible customer-owners over the last eight years through Patronage Program
LOUISVILLE, Ky., Feb. 14, 2024 /PRNewswire/ — Farm Credit Mid-America will return $255 million in net earnings to eligible customer-owners during National Ag Week, beginning March 17. The farmer-owned and led cooperative has returned more than $1.25 billion in earnings to eligible customer-owners through its Patronage Program over the last eight years.
“Patronage Week is always an exciting time for us and our customer-owners. In a time of higher interest rates, patronage checks arrive at a critical time of the year and bring value to operations,” said Tara Durbin, chief lending officer at Farm Credit Mid-America. “Our Patronage Program reinforces our commitment to secure the future of rural communities and agriculture. We look forward to celebrating this with our customer-owners in March.”
Patronage is one of many benefits Farm Credit Mid-America’s customer-owners receive for belonging to the cooperative. They can vote for or seek election to the Board of Directors and Nominating Committee each year. They may also serve on the Advocate Council, a diverse group of customer-owners who represent rural communities and provide Farm Credit Mid-America with greater visibility into farmers’ challenges and operational needs.
The Board of Directors vote to approve patronage annually. Customers receive patronage amounts proportionate to the amount of earnings generated by their eligible business in 2023. To learn more about Farm Credit Mid-America’s Patronage Program, including eligibility requirements and customer-owner testimonials, visit fcma.com/about/patronage.
About Farm Credit Mid-America
A proud member of the Farm Credit System, Farm Credit Mid-America exists to secure the future of rural communities and agriculture as a leading provider of reliable, consistent credit and financial services to farmers, producers, agribusinesses and rural residents in Arkansas, Indiana, Kentucky, Missouri, Ohio and Tennessee. The customer-owned cooperative serves more than 140,000 customers and manages a portfolio of $38 billion in total assets owned and managed. Farm Credit Mid-America’s products and services include loans for real estate, operating, equipment, rural living, crop insurance and vehicle, equipment and building leases. For more information visit www.fcma.com.
SOURCE Farm Credit Mid-America
