{"id":101243,"date":"2018-04-12T07:43:05","date_gmt":"2018-04-12T12:43:05","guid":{"rendered":"https:\/\/www.thevwindependent.com\/news\/?p=101243"},"modified":"2018-04-12T07:43:05","modified_gmt":"2018-04-12T12:43:05","slug":"agcredit-announces-patronage-refund","status":"publish","type":"post","link":"https:\/\/thevwindependent.com\/news\/2018\/04\/12\/agcredit-announces-patronage-refund\/","title":{"rendered":"AgCredit announces patronage refund"},"content":{"rendered":"

VW independent\/submitted information<\/em><\/p>\n

FOSTORIA — AgCredit, one of northern Ohio\u2019s largest lenders for farmers, rural homeowners, and agribusiness, recently declared a patronage refund of 30.03 percent for 2017, resulting in $24.1 million refunded to its member borrowers.<\/p>\n

This patronage payment provides a refund to the lending cooperative\u2019s shareholders of 30 cents for every dollar they accrued in interest on their loans over the past year. The patronage refund is the equivalent of 1.53 percent net savings on interest.<\/p>\n

\"\"
A large display check shows the amount of patronage money AgCredit disbursed in April.<\/strong> photo provided<\/em><\/figcaption><\/figure>\n

Over the past five years, AgCredit has averaged a 30.36 percent patronage refund rate and has paid patronage refunds for 31 consecutive years. During this time, it has distributed more than $270 million to its borrowers.<\/p>\n

Earnings for 2017 were $57 million. AgCredit\u2019s year-end numbers reflected a 4.63 percent growth rate and $83 million increase as loan volume increased from $1.796 billion to $1.879 billion.<\/p>\n

AgCredit CEO and President Brian Ricker shared and reviewed information about the co-op\u2019s financial status with approximately 500 members and guests who attended its annual meeting on April 10 at Meadowbrook Park in Bascom.<\/p>\n

\u201cReturning value to our members by sharing our profits is a key objective for our cooperative,\u201d Ricker said.\u00a0\u201cReturning over 30 cents on every dollar of interest on a loan provides a significant boost to our members — especially during a time when many are experiencing lower incomes and higher expenses.\u201d<\/p>\n

Even with historically high asset quality levels the cooperative lending association continues to mitigate credit risk as a preferred lender working with the United States Department of Agriculture\u2019s Farm Service Agency\u2019s guarantee program. Nearly 29 percent of AgCredit\u2019s loan volume is secured through this program, which allows it to capitalize growth by using it as an effective capital leveraging tool to enhance credit quality and credit risk.<\/p>\n

AgCredit is a member of the Farm Credit System, which was established by Congress more than 100 years ago. For additional information, visit www.AgCredit.net<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

VW independent\/submitted information FOSTORIA — AgCredit, one of northern Ohio\u2019s largest lenders for farmers, rural homeowners, and agribusiness, recently declared a patronage refund of 30.03 percent for 2017, resulting in $24.1 million refunded to its member borrowers. This patronage payment provides a refund to the lending cooperative\u2019s shareholders of 30 cents for every dollar they […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-101243","post","type-post","status-publish","format-standard","hentry","category-farm"],"publishpress_future_action":{"enabled":false,"date":"2026-08-01 10:01:43","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/posts\/101243","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/comments?post=101243"}],"version-history":[{"count":0,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/posts\/101243\/revisions"}],"wp:attachment":[{"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/media?parent=101243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/categories?post=101243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thevwindependent.com\/news\/wp-json\/wp\/v2\/tags?post=101243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}