Compeer Financial is returning $65 million to more than 30,000 patronage-eligible, member-owners in Illinois, Minnesota and Wisconsin.
Patronage is a way for cooperatives, like Compeer Financial, to share profits with members.
Of the $65 million cash patronage, $10,672,284.75 is being returned to 8753 member-owners in Wisconsin. The amount each member-owner receives is related to the business they had in 2017 with Compeer Financial and its prior organizations, 1st Farm Credit Services, AgStar Financial Services or Badgerland Financial.“As a cooperative, returning a portion of our earnings is an important component of our business model,” said Rod Hebrink, President and CEO of Compeer Financial. “We’re pleased to be paying back about a third of our earnings to member owners this year.”
The Compeer Financial Board of Directors made a strong commitment to a patronage program when the cooperative was formed in July 2017. This is the second payment made to member-owners in 2018.
“Going forward, we anticipate Compeer Financial member-owners will receive two payments a year—one for their past allocated equities early in the year and one for the ongoing cash patronage program in the summer,” explained Hebrink. “The combination of paying past allocated equities and new cash patronage will increase the yearly total patronage paid to our member-owners.”
As one of the cooperative’s member-owners, Compeer Financial Board Chair Mark Cade said patronage is just one of the benefits he experiences.
“By returning a portion of our earnings, we are helping our fellow farmers reinvest in their farms and businesses, or in their local communities,” Cade said. “Beyond access to products and services dedicated to the needs of agriculture and rural America, and our top-notch team, member-owners are viewed as partners in the business. It pays to be a member-owner at Compeer.”
About Compeer Financial
Compeer Financial is a member-owned Farm Credit cooperative serving and supporting agriculture and rural communities. The $19.5 billion organization provides loans, leases, risk management and other financial services throughout 144 counties in Illinois, Minnesota and Wisconsin. Based in the Upper Midwest, Compeer Financial exists to champion the hopes and dreams of rural America, while providing personalized service and expertise to clients and the agriculture industry.
Compeer Financial is the third largest cooperative of the Farm Credit System, a nationwide network of lending institutions supporting agriculture and rural communities with reliable, consistent credit and financial services. For more information about Compeer Financial, visit Compeer.com.