As owners of the 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 $305 million since the program’s inception in 2002. This year’s patronage distribution is 34% of 2013 net income. Customers can expect to receive their distribution in late February 2014. Board Chairman Blake Harlan noted “The board of directors is committed to ensuring the safety and soundness of the cooperative’s capital and are pleased to again provide a return on the customers invested capital to the farmers and ranchers who helped earn it.”
“The continued 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 distributions reflect the financial strength of Farm Credit West and in-turn our customers are rewarded in cash.”