Increase in Patronage Returns for 2020
Nora Nolden, Communications Consultant
[email protected] or (651) 245-6804
Compeer Financial Announces Increased Patronage Payments for 2020
The organization will return $177 million to member-owners, an increase of $26 million
Sun Prairie, Wis. (February 18, 2020) – Compeer Financial and its board of directors are pleased to announce the organization will be returning approximately $177 million in patronage payments to member-owners in 2020. Member-owners will receive the first payment of $52 million this month.
Approximately 30,200 checks will be sent to farmers, rural homeowners and others with ag-related business in Illinois, Minnesota and Wisconsin. The February payment reflects equities allocated to member-owners for business they conducted before Compeer Financial was formed in July 2017. The organization will issue a second patronage payment totaling $125 million later this year for business member-owners had with Compeer Financial in 2019.
“One of the major benefits of our cooperative business model is the returns our member-owners see through patronage,” said Rod Hebrink, president and CEO of Compeer Financial. “Our Compeer Financial board of directors has demonstrated a strong commitment to a patronage program that creates value for all member-owners, especially as they’re facing volatility in the market.”
The $177 million being paid out in 2020 represents approximately 50 percent of Compeer Financial’s 2019 adjusted earnings. This is $26 million more in regular patronage than was paid out in 2019 – the board of directors voted to increase the payments due to the organization’s strong financial performance. Including the 2020 patronage distribution, Compeer Financial has disbursed $500 million in patronage since the organization was formed in 2017. Individual patronage payments are based on the amount of products and services purchased by member-owners.
Learn more at compeer.com/patronage.
About Compeer Financial
Compeer Financial is a member-owned Farm Credit cooperative serving and supporting agriculture and rural communities. The $22.2 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.