Sun Prairie, Wis., March 01, 2018 (GLOBE NEWSWIRE) -- Compeer Financial, formerly 1st Farm Credit Services, AgStar Financial Services and Badgerland Financial, and its Board of Directors are pleased to announce the recently merged cooperative has approved $118.6 million in patronage be returned to almost 39,000 patronage-eligible member-owners.
Of the $118.6 million returned, $43.8 million was distributed back to nearly 10,000 Illinois member-owners in the 42 Illinois counties Compeer Financial serves.
“Compeer Financial is committed to our cooperative model and the value it brings to our member-owners,” said Rod Hebrink, President and Chief Executive Officer of Compeer Financial. “One of the most important cooperative benefits is our patronage program. As a newly merged organization, this payment represents the first installment on the commitment made to our member-owners to redeem the patronage allocations made by the organizations that are now Compeer Financial.”
“Our member-owners use these funds to reinvest into their farms and businesses, directly impacting local and state economies. In a year of change, we want to reiterate our commitment to championing agriculture and the rural communities we call home,” added Hebrink.
“Our board of directors is happy to share the profitability and equity Compeer Financial grew in 2017, even as agriculture experienced tightened margins and we united three organizations,” said Mark Cade, Compeer Financial Board Chair. “Together we navigate both the good and challenging times. The patronage program is one of the many benefits of working with our cooperative and a knowledgeable team.”
About Compeer Financial
Compeer Financial is a member-owned Farm Credit cooperative serving and supporting agriculture and rural communities. The $19.5 billion organization provides loans, leases, risk management and other financial services throughout 144 counties in Illinois, Minnesota and Wisconsin. Based in the Upper Midwest, Compeer Financial exists to champion the hopes and dreams of rural America, while providing personalized service and expertise to clients and the agriculture industry.
Compeer Financial is the third largest cooperative of the Farm Credit System, a nationwide network of lending institutions supporting agriculture and rural communities with reliable, consistent credit and financial services. For more information about Compeer Financial, visit Compeer.com.
Note: Included are photos of Rod Hebrink, President and Chief Executive Officer and Mark Cade, farmer and Compeer Financial Board Chair. For a logo file, please contact Rochelle Schnadt.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/aab3e657-0547-49c9-aa7e-261facc9ab9e
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/c61b3549-56bd-4303-9d66-b95611a10680
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/9fbe6ea0-d860-461a-91e8-678f13c9fc53
Rochelle Ripp Schnadt Compeer Financial 6083706908 Rochelle.Schnadt@compeer.com
Source: Compeer Financial