AgStar Board Approves Cash Patronage Payout Retiring 2001 allocations of $13.9 million

By News Team
ads@fillmorecountyjournal.com

Thu, Jan 27th, 2011
Posted in Business Announcements

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MANKATO, Minn. (January 25, 2011) - AgStar Financial Services' Board of Directors has approved the retirement of the 2001 patronage allocations. With the 2001 retirement, AgStar will have distributed $13.9 million in earnings to nearly 9,000 eligible stockholders.

"We're excited that our financial strength has allowed us to retire the 2001 patronage allocations," stated Lowell Schafer, Chairperson of AgStar's Board of Directors. The program adds value to stockholders who already benefit from AgStar's expertise and competitive financing. "As a financial cooperative, we're pleased to share a portion of profits with the individuals who have helped build our success. This cash patronage retirement is just one of the many ways that ownership pays for AgStar stockholders."

The patronage program was implemented in 1998 and targets a 7-10 year retirement timeframe of non-qualified dividends. Yearly allocations are based on company earnings and the amount of products or services a stockholder purchases from AgStar during the year. AgStar has allocated $259 million in patronage dividends and retired over $40 million to qualified stockholders.

About AgStar:

AgStar Financial Services, ACA, headquartered in Mankato, Minn., employs more than 650 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.

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