By Kimberly Pistone
For the Sidney Daily News
VERSAILLES – Farm Credit Mid- America will return $255 million in net earnings to eligible customer-owners during National Ag Week, beginning March 17. The farmer-owned and led cooperative has returned more than $1.25 billion in earnings to eligible customer-owners through its Patronage Program over the last eight years.
Brian Riethman, senior financial officer in Versailles for the past 14 years, said, “We are different than a bank; we are a member owned cooperative and part of those cooperative values include that we return back excess money.”
“Patronage Week is always an exciting time for us and our customer-owners. In a time of higher interest rates, patronage checks arrive at a critical time of the year and bring value to operations,” said Tara Durbin, chief lending officer at Farm Credit Mid-America. “Our Patronage Program reinforces our commitment to secure the future of rural communities and agriculture. We look forward to celebrating this with our customer-owners in March.”
Patronage is one of many benefits Farm Credit Mid-America’s customer-owners receive for belonging to the cooperative. They can vote for or seek election to the Board of Directors and Nominating Committee each year. They may also serve on the Advocate Council, a diverse group of customer-owners who represent rural communities and provide Farm Credit Mid-America with greater visibility into farmers’ challenges and operational needs.
Riethman said, “We have boots on the ground to help our coop members the best way possible. We are growing forward, which allows young and beginning farmers with financial education. We help the younger generation get started.”
The Board of Directors vote to approve patronage annually. Customers receive patronage amounts proportionate to the amount of earnings generated by their eligible business in 2023. To learn more about Farm Credit Mid-America’s Patronage Program, including eligibility requirements and customer-owner testimonials, visit fcma.com/about/patronage.
Farm Credit Mid-America has 21 offices in Ohio, including a location at 10539 Kley Road, Versailles.
