PASCO — AgWest Farm Credit customer-members in Washington have received their annual cash patronage dividends for 2022, which totaled nearly $65.4 million.
On Jan. 1, 2023, Northwest Farm Credit Services and Farm Credit West merged to form a new association, AgWest Farm Credit. These legacy associations share a strong history of returning a significant portion of net earnings to customers as patronage dividends, which reduces total borrowing costs.
“Our customer-members continue to be the foundation of our cooperative, and they play a vital role in the global food and fiber industries,” said Washington State President Josh Siler. “These patronage dividends reflect the continued performance of our customer-members, and we are pleased that our patronage program allows them to share in the success of the cooperative.”
Cash patronage dividends for 2022 were equal to 1.25% of customers’ eligible average daily loan balances. In total, eligible AgWest customers across the West received patronage payments of more than $366.5 million.
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