Agricultural News
Oklahoma AgCredit Pays Record $11.5 Million Patronage Return
Wed, 30 Mar 2022 08:35:52 CDT
If you had an extra $100 given to you, what would you do with it? How about an extra $2,000? Oklahoma AgCredit Patronage eligible members will be asking themselves that question this April. Some members choose to apply it to their loan while others choose to spend it, either way, it's a big thank you from the association to our members.
"I think the Patronage Program is fantastic. It comes at a good time of the year...it's almost like that's my pat on the back because I've worked so hard." Muskogee Customer
Oklahoma AgCredit, the state's largest agricultural lending cooperative, will pay its members a record $11.5 million Patronage return this week. This Patronage return reduces each eligible member's interest rate by nearly a percent.
Chief Financial Officer for Oklahoma AgCredit, Malinda Thimmesch, talked with Oklahoma Farm Report's Ron Hays about the record Patronage going out to members. She says it effectively lowers the interest rate that borrowers are having to pay. Listen to their conversation by clicking on the LISTEN Bar below.
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 $85 million in Patronage returns. With a capital position of more than $324 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.
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 fire pit. Patronage Open House dates for each branch are listed here.
"Our board of directors is committed to consistently returning a Patronage and increasing that return every year," said Patrick Zeka, Oklahoma AgCredit CEO. "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."
About Oklahoma AgCredit
Oklahoma AgCredit supports rural Oklahomans in 60 counties with reliable, consistent credit. A proud member of the Farm Credit System, the cooperative serves agricultural producers and rural landowners with combined assets over $1.8 billion and a portfolio more than 6,500 loans. Headquartered in Edmond, Oklahoma AgCredit has 18 full-time lending offices and a number of weekly contact points. Visit okagcredit.com for more information.
Pictured Above- Oklahoma AgCredit members can register to win a fire pit during their branch's Patronage Open House in April. (L to R) Karla Latham and Candida Ashbrook of the Duncan lending office with one of the fire pits that will be given away.
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