Farm Credit West Pays Borrowers $57 Million in Patronage Dividends

The Board of Directors set the distribution at 75 basis points (0.75%) relative to the average volume of eligible loan and lease assets. Paid entirely in cash, this patronage payment translates to a 75 basis point reduction in customer-owner’s effective interest rate paid during 2014.

As owners of a financial cooperative, Farm Credit West’s customers have the opportunity to share in the financial success of the cooperative through patronage distributions. Farm Credit West’s patronage program has paid $362 million since the program’s inception in 2002. Customers can expect to receive their distribution in late February 2015.

“The ongoing success of Farm Credit West is attributed to our “customer comes first” model, growth in agricultural lending and on our continued focus on maintaining a highly efficient operation,” added Mark Littlefield, CEO of Farm Credit West. “Our patronage program reflects the financial strength of Farm Credit West and in-turn our customers receive a cash advantage.”

Farm Credit West is a lending institution of the Farm Credit System with branch offices in Bakersfield, Carpinteria, Dinuba, Hanford, Santa Maria, Templeton, Tulare, Ventura, Woodland and Yuba City. The corporate headquarters is located in Roseville and Capital Markets staff are located in Paso Robles. The Farm Credit System is a nationwide network of borrower-owned lending institutions and specialized service organizations created by Congress in 1916. The System provides loans, leases, and related services to farmers, ranchers, rural homeowners, agribusinesses and agricultural and rural utility cooperatives nationwide. Visit www.farmcreditwest.com.