Compeer Financial returned a record $145 million in patronage payments to eligible member-owners in August.
After seeing strong performance in the Compeer portfolio in 2020, the cooperative’s board of directors voted to increase this year’s patronage payment by $20 million.
Patronage payments are based on the amount of products and services purchased by member-owners, along with the organization’s financial performance. Including $52 million in allocated equities already paid out in February, in total, member-owners will receive over $197 million in patronage returns in 2021, which is nearly 45 percent of the organization’s 2020 adjusted earnings.
“The strength of our portfolio, including improved risk and solid earnings in 2020, led our board of directors to increase patronage payments to our member-owners,” says Rod Hebrink, president and CEO of Compeer Financial. “We recognize that it can make a big difference, especially as they’ve faced many challenges over the past year.”