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AgStar financial services announces third quarter results

Thu, Nov 21st, 2013
Posted in All Business Announcements

MANKATO, Minn. – AgStar Financial Services, a value-added financial services company owned by its client-stockholders, today reported earnings for third quarter ending September 30, 2013.The company reported net after-tax earnings of $35 million for the third quarter of 2013 and $84 million for the year, reflecting an increase of more than 20 percent over last year’s performance.

“We’re pleased to share the strong results for 2013. These earnings are the result of increased interest income and improved credit quality,” stated Paul DeBriyn, president and CEO of AgStar Financial Services. “Thanks to the loyalty of our clients and dedication of our team, AgStar has been on a positive trajectory over the last few years.”

“This steadiness results in strong allocated earnings back to clients.” In 2012, AgStar allocated $55.3 million and since the program’s inception in 1998, AgStar has allocated $392 million in patronage dividends. Later this month, AgStar will make payments of the 2004 patronage allocations of $24.7 million to 10,400 clients. “We’re committed and proud to share this success with our clients by offering this additional value.”

AgStar is also very committed to the success of rural communities, the communities that farmers and ranchers rely on every day. “Keeping rural America thriving is important to our clients and to us,” said DeBriyn. AgStar recently led a $30 million hospital and clinic replacement project in Madison, South Dakota, through a program that focuses on putting together bond investments with multiple partners to make projects in rural America a reality.

“Just like most of our projects, the hospital and clinic in Madison became a reality through many partnerships. We’ve partnered with 90 other banks and Farm Credit Associations on similar projects in 12 states,” explained DeBriyn. In total, through this initiative, $695 million has been invested in 46 projects across the country.

“These are vital projects for rural America; they’re the facilities and business that keep small communities sustainable,” stated DeBriyn. “And our clients depend on these rural communities for support. We often hear how these projects wouldn’t have been possible without the bond program. We’re committed to these investments and see the difference they make to the landscape of rural America.”


About AgStar:

AgStar Financial Services, ACA, headquartered in Mankato, Minn., employs more than 600 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, and dairy and bio-energy industries. AgStar has developed successful programs in loans, leases, rural community development, crop insurance, consulting and rural home mortgages. As a value-added financial services cooperative, AgStar allocates patronage dividends to its 15,000 stockholders. The company is also committed to giving back to rural residents, organizations and communities through AgStar’s Fund for Rural America. Visit www.AgStar.com for more information.

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