Farm & Ranch
Montana AgWest Farm Credit customer-members receive $11.9M cash patronage dividends
Hey savvy news reader! Thanks for choosing local.
You are now reading
1 of 3 free articles.
News from AgWest
BOZEMAN — AgWest Farm Credit customer-members in Montana have received their annual cash patronage dividends for 2022, which totaled more than $11.9 million.
On Jan. 1, 2023, Farm Credit West and Northwest Farm Credit Services merged to form a new association, AgWest Farm Credit. These legacy associations share a strong history of returning a significant portion of net earnings to customers as patronage dividends, which reduces total borrowing costs.
“Giving back to the people and organizations that help our rural communities thrive is a core value of our business,” said Montana State President Megan Shroyer. “One of the ways we do this is through our Patronage Program, a unique benefit of our cooperative structure which provides earnings from our association back to our customer-members and their communities. Our customers are more than borrowers, they are our owners, and their patronage payment can make a big difference in their operation and in their rural community.”
Cash patronage dividends for 2022 were equal to 1.25% of customers’ eligible average daily loan balances. In total, eligible AgWest customers across the West received patronage payments of more than $366.5 million.
AgWest is a financial cooperative with approximately $30 billion in assets that provides financing and related services to farmers, ranchers, agribusinesses, commercial fishermen, timber producers, rural homeowners and crop insurance customers primarily in seven states in the West. AgWest is part of the 107-year-old Farm Credit System – the leading provider of credit to American agriculture. AgWest serves customers in 59 locations throughout the West. For more information, visit agwestfc.com.
