Compeer Financial will be distributing approximately $185 million in patronage payments to member-owners in 2024. This month, member-owners received the first distributions, equal to $52 million.
“Our patronage program highlights Compeer’s firm commitment to agriculture and rural America. This highlights our stable position and also ability to provide reliable credit in all economic conditions,” said Jase Wagner, president and CEO of Compeer Financial. “Our board of directors aims to deliver patronage to our member-owners annually. It’s also an important benefit of our business model. Through patronage, we directly return a substantial portion of our earnings to our member-owners. This enables them to reinvest in their farms and businesses. Witnessing our member-owners benefit from this partnership is truly fulfilling.”
Approximately 33,000 payments will be sent to farmers, rural homeowners and also others with ag-related business in Illinois, Minnesota and Wisconsin. The February payment of $52 million reflects equities given to member-owners for business they had before Compeer Financial’s formation in July 2017. A second patronage payment of $133 million will be issued in August for business member-owners had with Compeer Financial in 2023. The total payout of $185 million in 2024 represents more than 40 percent of Compeer Financial’s 2023 adjusted earnings.
Individual patronage payments are determined by the amount of products and services purchased by member-owners. For more information, visit compeer.com/patronage.
