$145 Million Returned to Member-Owners
Nora Nolden, Communications Consultant
[email protected] or (651) 245-6804
Compeer Financial Returns $145 Million to Member-Owners
Member-owners will receive payments through the cooperative’s patronage program
Sun Prairie, Wis. (September 2, 2021) – Compeer Financial returned a record $145 million in patronage payments to eligible member-owners in August. After seeing strong performance in the Compeer portfolio in 2020, the cooperative’s board of directors voted to increase this year’s patronage payment by $20 million..
Patronage payments are based on the amount of products and services purchased by member-owners, along with the organization’s financial performance. Including $52 million in allocated equities already paid out in February, in total, member-owners will receive over $197 million in patronage returns in 2021, which is nearly 45 percent of the organization’s 2020 adjusted earnings.
“The strength of our portfolio, including improved risk and solid earnings in 2020, led our board of directors to increase patronage payments to our member-owners,” said Rod Hebrink, president and CEO of Compeer Financial. “As a cooperative, patronage is one of the most important benefits we offer to our clients. We recognize that it can make a big difference, especially as they’ve faced many challenges over the past year.”
Since Compeer Financial was established in 2017, the organization has returned a total of $690 million in patronage to member owners.
This is the second of two patronage payments Compeer Financial made to member-owners in 2021. The August cash patronage payment is for business member-owners had with Compeer Financial in 2020. In February, the organization paid out $52 million in allocated equities to member-owners who conducted business with 1st Farm Credit Services, AgStar Financial or Badgerland Financial before the organizations joined to form Compeer Financial in July 2017.
About Compeer Financial
Compeer Financial is a member-owned Farm Credit cooperative serving and supporting agriculture and rural communities. The $25.5 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. Learn more about Compeer Financial.