Spokane-based AgWest Farm Credit, an agricultural lending cooperative, has distributed $414 million in cash patronage dividends to its customer-members.

Those dividends, amounting to 1.25% of customers’ eligible average daily loan balances in 2024, are expected to help reduce borrowing costs for eligible farmers, ranchers, timber producers, and others across the western U.S.

“We are committed to sustaining a strong and reliable patronage program, and this year’s distribution is a testament to our cooperative strength and shared success," says Bill Perry, AgWest president and CEO, in a press release.

Each year, AgWest’s board of directors evaluates net earnings to decide how much to retain for long-term capital strength and how much to distribute to members.

AgWest was established in 2023 through the merger of Farm Credit West and Northwest Farm Credit Services. It is part of Farm Credit System, a national provider of credit to agriculture.

The Spokane-based organization has about $35 billion in total assets and provides financing and related services to farmers, ranchers, agribusinesses, commercial fishermen, timber producers, rural homeowners, and crop insurance customers in seven states in the western U.S.