AgFirst board approves $342 million in patronage for 2022
AgFirst Farm Credit Bank’s board of directors declared $342 million in patronage for 2022. As part of AgFirst’s cooperative business model, a portion of net income is returned through patronage to the bank’s Association lending partners who provide funding to rural America and agriculture.
“Patronage is a tangible benefit of being part of our cooperative. What we deliver back to our customers has a lasting impact on agriculture and rural communities,” said AgFirst President and CEO Tim Amerson.
Member-borrowers of Farm Credit cooperatives – the farmers, ranchers and agri-business owners who work hard every day to feed, clothe and fuel the world – ultimately benefit from patronage through reduced costs of funds and services.
“Having the ability to return the majority of our profits to our partners helps our industry grow and thrive,” Amerson said. “AgFirst is proud to play a key role in this important mission.”