Compeer Financial is returning more than $99 million in patronage payments to member-owners in August. The cooperative’s board of directors voted to increase patronage in 2019 after seeing strong financial results from a diverse portfolio in 2018. In total, member-owners will receive over $150 million in patronage returns this year.
Of the $99 million returned, $27.4 million will be paid out to member-owners in the 49 Wisconsin counties Compeer Financial serves.
This is the second of two patronage payments to Compeer Financial member-owners in 2019. This month’s payment is for business member-owners had with Compeer Financial in 2018. The organization paid out $52 million in February to those who conducted business with 1st Farm Credit Services, AgStar Financial or Badgerland Financial before the organizations joined to form Compeer Financial in July 2017.
“We are pleased to offer this increased patronage benefit to our hard-working partners in agriculture,” said Rod Hebrink, President and CEO. “They’ve been thrown significant challenges in recent years ranging from severe weather impacts to low prices and trade tariffs. We’re proud to be their trusted advisors, staying at their side in all economic conditions.”
In 2019, Compeer Financial will return approximately 38 percent of 2018 earnings to member-owners. This is $45 million more in patronage than was returned in 2018. Patronage dividends are based on the amount of products and services purchased by member-owners.
About Compeer Financial
Compeer Financial is a member-owned Farm Credit cooperative serving and supporting agriculture and rural communities. The $21 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. Learn more about Compeer Financial’s patronage program.