Written by The Business Journal Staff
Farm Credit West, ACA, has announced that it will once again distribute patronage dividends to qualifying member-stockholders as a return on their equity from robust 2018 earnings.
The Board of Directors approved an increase of 25 basis points (.25 percent) over prior years’ rate during their Dec. 13 meeting. This totals an overall payout of 1 percent of average outstanding loan balances.
“Our ability to offer a 1 percent patronage dividend payment to customers is a testament to the strength and stability our association has always maintained,” said Joey Airoso, Chairman of the Board of Directors at Farm Credit West. “As a member owned cooperative, we take great pride in being able to provide a predictable and durable dividend and in rewarding our member-stockholders for their loyalty.”
Since the program started in 2002, Farm Credit West distributed more than $590 million in patronage dividends to member-stockholders. This includes members at the Rocklin-based company’s branches in Dinuba, Hanford and Tulare.
“As stewards of our customers’ resources, our patronage program provides an added value return to our customer-owners and is reflective of the efficient operation of their association.”
Patronage distributions to customers for 2018 will begin next month.