Written by The Business Journal Staff
Fresno Madera Farm Credit announced plans to distribute $9.25 million to its members in the form of a cash patronage based on 2016 earnings.
The cash represents net earnings minus expenses to capitalize loan growth and account for changes in credit quality, as well as capital needed for the future needs of the cooperative, which consists of farmers and ranchers.
“We believe that our cooperative form of ownership and our patronage program play a significant role in distinguishing Fresno Madera Farm Credit from other lenders,” said Jeff Jue, chairman, in a statement.
Over the last five years, Fresno Madera Farm Credit has returned $32 million in cash to its membership in the form of cash patronages.
“Our organizations and its membership has committed 100 percent of its capital to serving agriculture in the Central Valley of California — and the success of Fresno Madera is a direct reflection of the ongoing support of our membership,” said President and CEO Keith Hesterberg, in a statement. “Our employees are aware of the role that patronage plays in the value proposition we have with our members, and it motivates us to lend responsibly, and operate efficiently so that we can keep that proposition strong.”
Founded in 1917, Fresno Madera Farm Credit provides financial services to farmers, ranchers and agribusinesses in Fresno and Madera counties. It has more than $1 billion in loan volume.