January 23, 2019
FOR IMMEDIATE RELEASE
Northwest Farm Credit Services Pays Record Patronage Dividends to Customer-Members
SPOKANE, Wash. (Jan. 23, 2019) –The Northwest Farm Credit Services Board of Directors has increased the association’s level of annual cash patronage dividends to customer-members from 1.0 to 1.25 percent of eligible average daily loan balances.
Starting in mid-February, Northwest FCS will pay a record $138.4 million in 2018 patronage to more than 9,000 customer-members, compared to $108.1 million for 2017. Since the patronage program began in 2000, Northwest FCS has paid more than $936 million in patronage to customer-members located primarily throughout Washington, Oregon, Idaho and Montana.
“Our board and management team are committed to operating a high-performing association, which includes maintaining a strong financial profile, investing in the business for the future, and providing meaningful, reliable patronage dividends for our customer-members,” said Northwest FCS President and CEO Phil DiPofi.
One of Northwest FCS’ key business principles is to return a significant portion of net earnings to members based upon their use of the cooperative.
“We’ve been increasing our dividends for the last decade and are making another very significant increase for 2018,” DiPofi said. “The continuing strong performance of our customer base allows us to maintain both our risk-bearing capacity and resources to meet future credit demands – in addition to increasing our level of patronage.”
DiPofi said the association’s financial foundation and diverse loan portfolio position it well to help customer-members deal with the inevitable ups and downs of agriculture, including increasing political and economic volatility.
“We’re grateful to share our earnings back with the customer-members who helped create the association’s success,” DiPofi said. “They in turn can reinvest dollars back into their businesses, families and rural communities, providing a boost to our rural economies.
About Northwest FCS
Northwest FCS is a $12 billion financial cooperative providing financing and related services to farmers, ranchers, agribusinesses, commercial fishermen, timber producers, rural homeowners and crop insurance customers in Montana, Idaho, Oregon, Washington and Alaska. Northwest FCS is a member of the nationwide Farm Credit System that supports agriculture and rural communities with reliable, consistent credit and financial services.
Deb Strohmaier, Communications Specialist