SUN PRAIRIE, Wis. — Compeer Financial and its board of directors are pleased to announce the organization will be returning approximately $202 million in patronage payments to member-owners in 2022. Member-owners received the first payment of $52 million this month.
“The board of directors at Compeer Financial is strongly committed to delivering patronage to our member-owners,” said Rod Hebrink, president and CEO of Compeer Financial. “It’s one of the most important benefits of our cooperative business model. The hard work and resilience of our clients is a significant factor in Compeer’s success as a cooperative. Through patronage we return a portion of our earnings directly to our member-owners, who can use these funds to reinvest in their farms and businesses, having a direct impact in local and state economies.”
Approximately 32,000 checks will be sent to farmers, rural homeowners and others with ag-related business in Illinois, Minnesota and Wisconsin. The February payment of $52 million 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 $150 million in August for business member-owners had with Compeer Financial in 2021.
The $202 million being paid out in 2022 represents approximately 42 percent of Compeer Financial’s 2021 adjusted earnings – and is an increase of $5 million compared to the prior year. Compeer’s board of directors voted to increase the payments due to the organization’s strong financial performance and to reiterate the cooperative’s commitment to serving agriculture and rural America through changes in the marketplace.
Including the 2022 patronage distribution, Compeer Financial has returned $894 million in patronage to member-owners in the last five years. 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 $25.4 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.
— Compeer Financial