Local lender distributes $1.5 million in cash patronage funds
LEWISTOWN – AgChoice Farm Credit has announced that $1.5 million in cash patronage has been distributed to its customer-owners in the Lewistown area based on 2013 profits. Patronage distributions totaled $15 million this spring across AgChoice’s service territory, which includes 52 counties in Pennsylvania and four counties in West Virginia.
AgChoice’s net, pre-tax income was more than $50 million in 2013.
The AgChoice Board of Directors strongly supports sharing the association’s financial success with its stockholders.
“As a cooperative, we are proud to have our customer-owners share in association profits,” said Dennis Spangler, chairman of the board and owner and operator of Harmony Springs Farm in New Berlin. “We know that the impact of AgChoice’s patronage goes beyond the $15 million returned to our customer-owners. These dollars have a significant multiplier effect, substantially contributing to rural economies throughout our service territory.”
Paying patronage to AgChoice customers has been an integral part of AgChoice’s way of doing business since it was created in 1999. AgChoice has paid patronage to customer-owners every year since then, distributing $184.6 million in cash.
AgChoice Farm Credit’s Seven Mountains branch office is located in Lewistown and services more than $123 million in total loan volume for agricultural, forest products and rural customers in Centre, Clearfield, Juniata and Mifflin counties. To learn more about AgChoice Farm Credit and its financial programs, visit www.agchoice.com.