Northwest Farm Credit Services allocates $56.9 million dividend for 2021
Patronage checks share earnings with membersMarch 24th, 2022
Northwest Farm Credit Services’ customer-members in Washington have received nearly $56.9 million in annual patronage dividends checks, the Spokane-based agricultural lending cooperative announced.
The dividends were down $5.5 million from $62.4 million in 2020, says Kylee Andrews, communications specialist for the cooperative. Patronage dividends are the portion of the co-op’s earnings returned to its members.
Northwest FCS President Josh Siler says in a press release, “Our customer-members helped support the global food and fiber supply in 2021 and persevered through many pandemic-related challenges. We are pleased these patronage dividends allow them to share in the financial success of our cooperative.”
The board of the cooperative approved 2021 cash dividends of 1.25% of customer-members eligible average daily loan balances.
Northwest FCS is a $14.6 billion financial cooperative that provides services to farmers, rangers, agribusiness, commercial fishing operations, timber producers, rural homeowners and others in Washington, Idaho, Montana, Oregon, and Alaska.
Systemwide, members in all states received a total of $165.2 million, or $11.8 million less than in 2020, says Andrews.
In 2020, the board of directors approved a special cash patronage increase from 1.25% to 1.5% to assist borrowers during the pandemic, according to the organization’s report.
Since the start of the patronage program in 2000, the co-op has distributed $1.4 billion in dividends.
Northwest FCS headquarters are located in the West Plains, at 2001 S. Flint Road, just north of the Spokane International Airport, in the former Ambassadors Group building, which the cooperative bought and remodeled for $16.5 million in 2014.
In addition to 12 branches throughout Washington, the co-op also has 10 branches in Idaho, and 11 each in Oregon and Montana.
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