Compeer Financial Returns $150 Million to Member-Owners
Compeer Financial announced the return of $150 million in patronage payments to eligible member-owners this August. This marks a significant milestone as the cooperative celebrates reaching $1 billion in patronage returns since its formation in 2017.
“This remarkable achievement of reaching $1 billion in patronage returns reflects our unwavering dedication to sharing Compeer’s success with our valued member-owners,” said Jase Wagner, president and CEO of Compeer Financial. “Through our patronage program, we directly reinvest a substantial portion of our earnings back into our member-owners’ farms and businesses, empowering them to thrive. Seeing our member-owners benefit from this strong cooperative partnership is truly rewarding.”
This marks the second of two patronage payments made to member-owners in 2023 by Compeer Financial. The August cash patronage payment is for business member-owners had with Compeer Financial in 2022. Approximately 31,000 checks were sent to farmers, rural homeowners and others with ag-related business in Illinois, Minnesota and Wisconsin. The total $202 million in returns this year represents around 48 percent of Compeer Financial’s 2022 adjusted earnings.
“Our patronage program is a testament to our steadfast commitment to agriculture and rural America, and our ability to provide reliable credit in all economic conditions,” said Wagner. “Year after year, our board of directors remains fully dedicated to delivering this invaluable program to our member-owners; it’s a pivotal benefit of our cooperative business model.”
In February, the organization distributed $52 million in allocated equities to member-owners who conducted business with 1st Farm Credit Services, AgStar Financial or Badgerland Financial before these organizations merged to form Compeer Financial in 2017. Individual patronage payments are based on the amount of products and services purchased by member-owners.
