Agricultural News
Oklahoma AgCredit Pays Members Millions During Annual Open Houses
Fri, 01 Apr 2016 15:03:04 CDT
Oklahoma AgCredit, the state's largest agricultural lending cooperative, will be paying a $4.35 million patronage return to its members this week. Oklahoma AgCredit was created from the merger of Chisholm Trail Farm Credit and Farm Credit of East Central Oklahoma in January 2016. This patronage return reduces each eligible member's interest rate by just over half a percent.
Patronage Open Houses are held every April so members can pick up their checks, register for a drawing prize and share lunch with staff and other members. This year, members can register to win a Yeti cooler. Patronage Open House is Wednesday, April 6 or Thursday, April 7. See the schedule at okagcredit.com.
When a farmer, rancher, agribusiness owner or rural homeowner opens a loan with Oklahoma AgCredit, they become a member of the cooperative. As a member, they have an opportunity to share in the cooperative's financial success through the Patronage Program. Oklahoma AgCredit distributes returns based on the amount of interest expense on each member's loan(s).
Since the Patronage Program was initiated in 1997, Oklahoma AgCredit members have received more than $52 million in patronage returns. With a capital position of more than $200 million, Oklahoma AgCredit has the risk-bearing capacity to provide reliable, consistent credit to Oklahoma's farmers and ranchers regardless of cycles in the agricultural economy, while also returning patronage to members.
"Our board of directors is committed to consistently returning a patronage," said Patrick Zeka, Oklahoma AgCredit CFO/COO. "The board places a high priority on growing capital while also distributing a healthy patronage return. Paying Patronage not only signals the strength of the association, but also demonstrates the appreciation we have for our members' financial partnerships."
Source - Oklahoma AgCredit
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