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Friday, April 24, 2015

Local Lender Distributes $700,000 in Cash Patronage to Coudersport Customer-Owners

AgChoice Loan Officer and Forest Products Specialist Nathan Meiser (left) meets with John Claar (center) and Kimberly Claar (right) of John Claar Excavating, Inc. to deliver a patronage check.

COUDERSPORT – AgChoice Farm Credit is pleased to announce that $700,000 in cash patronage has been distributed to its customer-owners in the Coudersport branch territory based on 2014 profits. Returning profits to its customers in the form of patronage is a unique benefit to AgChoice’s cooperative structure and complements the Association’s shared purpose statement of Inspiring Growth in Our Families, Businesses and Rural Communities. Patronage distributions totaled $17.0 million this spring across AgChoice’s service territory, which includes 52 counties in Pennsylvania and four counties in West Virginia.

AgChoice earnings support AgChoice’s patronage program as well as many other initiatives for the benefit of its customers. AgChoice’s patronage model allows the organization to build capital and be profitable while providing a mechanism to return profits over time to its customer-owners.

The AgChoice Board of Directors strongly supports sharing the Association’s financial success with its stockholders. “As an Association, we want to make sure we continue to grow larger and stronger with long-term sustainability and 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, Pa. “We know that the impact of AgChoice’s patronage goes beyond the $17.0 million returned to our customer-owners. These dollars have a significant multiplier effect, substantially contributing to rural economies throughout our service territory helping to grow our families, businesses and rural communities.”

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 $210.6 million in cash.

In addition to paying patronage, AgChoice continues to build on programs that benefit its customer-owners and recognizes the importance of sharing knowledge and information so operations can be more successful. As a result, it developed a Knowledge Center to provide customers with new resources, tools and educational opportunities to help enhance business and management skills. Furthermore, the Association also offers business consulting, transition/succession planning, credit life insurance, crop insurance, human resources management consulting, leases for equipment and buildings, accounting, record, payroll and tax services and much more. The goal at AgChoice is to offer its customers knowledgeable advice through trained employees, the right tools, services and solutions so they can achieve their financial goals and dreams.

AgChoice Farm Credit’s Coudersport branch office services more than $55.4 million in total loan volume for agricultural, forest products and rural customers in Cameron, Elk, McKean and Potter counties in Pennsylvania as well as forest products customers across its service territory. To learn more about AgChoice Farm Credit and its financial programs, visit www.agchoice.com.



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