FOSTORIA - Ag Credit, a member-owned cooperative, had record
net earnings of $42.4 million during 2013, an increase of $14.6 million from 2012.
Ag Credit CEO and President Brian Ricker said he attributes much of the increase in earnings to a one-time special distribution of patronage from Ag Credit's funding bank, AgFirst Farm Credit Bank.
"These funds demonstrate the rewards of cooperative membership and show how the success of our funding bank can help all Ag Credit members," Ricker stated in a release.
In April, the association is to distribute $23.7 million in total patronage refunds to members. This includes the added one-time bonus patronage as a result of AgFirst's special distribution.
Dividends are being paid in a combination of cash and allocated equities.