"Where Fillmore County News Comes First"
Tuesday, March 11th, 2014
Volume ∞ Issue ∞
- 8:58:49, Mar 10th 2014 - dan - Great letter Steve! That is attitude we should be taking, alternatives will be ... [Read More]
- 3:44:17, Mar 7th 2014 - Robert - Fossil fuels are damaging are resources, polluting are air & water and destr ... [Read More]
- 12:32:02, Mar 7th 2014 - - "Turks suffered at the hands of Greece, Bulgaria, and Serbia. Hundreds of thousand ... [Read More]
- 7:38:38, Mar 5th 2014 - bootscoot21 - Thank you Dr. Van Gorp for this complete look at what our generation is ... [Read More]
- 8:39:53, Mar 4th 2014 - email@example.com - Excellent commentary, very thoughtful. Although quite len ... [Read More]
- 9:54:09, Mar 1st 2014 - - We have lost a good friend from Harmony High school class of 1970. I have many goo ... [Read More]
- 9:48:08, Mar 1st 2014 - - Rest in Peace Loenard ... [Read More]
- 9:14:19, Feb 25th 2014 - firstname.lastname@example.org - Eric, I don't know if you remember me but I am Erik Paulsen's M ... [Read More]
- 8:58:12, Feb 25th 2014 - jjoyengel - You are both wonderful people! You have and are doing something not just ... [Read More]
- 3:16:25, Feb 24th 2014 - TY - THANK YOU FCJ! I am not sure any of this would have happened without the excelle ... [Read More]
Tue, Mar 8th, 2011
Posted in Business Announcements
Posted in Business Announcements
MANKATO, Minn. (March 7, 2011) - AgStar Financial Services, a value-added financial services company owned by its client-stockholders, today reported year-end earnings as of December 31, 2010. The company recorded a solid performance, with net after-tax earnings of $66.7 million, a double digit increase over 2009 results. These 2010 earnings will result in a patronage dividend allocation of $36.8 million to stockholders in 2011.
Strong crop and hail insurance revenues contributed to 2010 earnings, as did a substantial one-time insurance refund. In addition, AgStar significantly reduced provision expenses for loan losses due to the stabilization in several key sectors. "We are proud to report AgStar's earnings and key financial performance measures improved over 2009," stated Paul DeBriyn, AgStar President and CEO. "Throughout the year, several key segments in agriculture continued to improve, which contributed to our strong results." AgStar's capital is the strongest in company history. The company's total capital surplus level far exceeds the regulatory minimum.
As a client-owned cooperative, AgStar returns profits to qualified stockholders in the form of a unique patronage program, which was implemented in 1998. Through this program, 55% of AgStar's earnings are allocated and returned to stockholders. Since its inception, AgStar has allocated $296 million in patronage dividends and retired over $40 million to qualified stockholders. Most recently, AgStar retired 2001 allocations of $13.9 million to client-stockholders.
"There's nothing better than being able to give back to our stockholders," stated DeBriyn. "We are passionate about our cooperative structure. We not only give our stockholders a voice in the organization; we believe they deserve a paycheck when our collective efforts are profitable."
AgStar Financial Services, ACA, headquartered in Mankato, Minn., employs more than 590 full-time team members. The company is part of the national Farm Credit System and has a public mission to serve 69 counties in Minnesota and northwest Wisconsin. AgStar's industry specialization, client segments and market delivery systems result in diversification nationwide. The company has expertise in the corn, soybean, swine, dairy and bio-energy industries. AgStar has developed successful programs in loans, leases, crop insurance, tax services, accounting, consulting and rural home mortgages. As a value-added financial services cooperative, AgStar allocates patronage dividends to its 13,000 stockholders. Visit www.AgStar.com for more information.