Compeer Financial to Return $202 Million to Member-Owners in 2023
Compeer Financial and its board of directors are pleased to announce the organization will be returning approximately $202 million in patronage payments to member-owners again in 2023. Member-owners received the first distributions totaling $52 million this month.
“Our patronage program reiterates our organization’s strong commitment to agriculture and rural America, along with our solid position and ability to provide sound credit in all economic environments,” said Jase Wagner, president and CEO of Compeer Financial. “Our board of directors is dedicated to delivering this valuable program to our member-owners every year; it’s an important benefit of our cooperative business model. Through patronage we return a significant portion of our earnings directly to our member-owners, who can use these funds to reinvest in their farms and businesses. It’s fulfilling to see our member-owners benefit from the strong partnership we have together in this cooperative.”
Approximately 34,000 checks will be sent to farmers, rural homeowners and others with ag-related business in Illinois, Minnesota and Wisconsin. The February payment of $52 million reflects equities allocated to member-owners for business they conducted before Compeer Financial was formed in July 2017. The organization will issue a second patronage payment totaling $150 million in August for business member-owners had with Compeer Financial in 2022. The total $202 million being paid out in 2023 represents approximately 48 percent of Compeer Financial’s 2022 adjusted earnings.
In 2023, Compeer Financial will also celebrate the significant milestone of distributing more than $1 billion in patronage funds since the organization was formed in 2017.
“It’s an incredible milestone that demonstrates our strong commitment to sharing the organization’s success with our member-owners,” Wagner added.
Individual patronage payments are based on the amount of products and services purchased by member-owners. Learn more at compeer.com/patronage.