MECHANICSBURG, Pa. — AgChoice Farm Credit is sharing $50 million in profits with eligible customer-owners in April, the largest distribution in the cooperative’s history.
“Patronage is a unique cooperative benefit,” said Rick Allen, Chairman of AgChoice’s Board of Directors and customer-owner. “We annually share our profits with our customer-owners, making a tangible difference in their families, businesses and rural communities.”
The patronage model allows AgChoice to build capital, invest in member services, share profits and lower the overall cost of borrowing to customer-owners. Annual cash payouts to customer-owners since 1999, including this year, total $438 million.
This patronage distribution amounts to $0.60 for every $1.00 in interest that borrowers paid on their AgChoice loans in 2021, returning 60% of their interest cost.
“In 2021, growth occurred in virtually all segments of our business, with loan volume increasing more than 11%, and revenue from accounting, consulting and crop insurance services up over 12%,” explained Darrell Curtis, AgChoice president and CEO. “Those strong results allow us to invest in programs to strategically serve our membership in 2022 and beyond.”
In addition to lending, AgChoice offers business services including farm succession and transition planning, dairy benchmarking, appraisals, business consulting, tax planning and preparation, record keeping, crop insurance products and many other accounting and risk management services.
The AgChoice Knowledge Center serves as a hub of information and educational resources for the agricultural industry. AgChoice collaborates with industry allies to offer programs and tools that help farmers be successful and grow Pennsylvania agriculture.
To learn more about AgChoice’s patronage and other programs, visit agchoice.com.
AgChoice Farm Credit specializes in providing farm and country property loans and financial services to help customers confidently reach their dreams in 52 Pennsylvania counties and four West Virginia counties. Learn more at agchoice.com or 1-800-998-5557.
–AgChoice Farm Credit
