Written by The Business Journal Staff
Fresno Madera Farm Credit announced it will return $6.29 million to its members in the form of a cash patronage distribution.
That’s up from the $4.6 million cash patronage that was returned to members last year.
As a farmer-owned cooperative, Fresno Madera Farm Credit returns a portion of profits to members after meeting its financial requirements each year.
“Fresno Madera Farm Credit’s patronage program is an important part of our value proposition as a member-owned financial institution” stated Jeff Jue, chairman of the board.
Last year, Fresno Madera Farm Credit posted a net profit of $16.6 million as a result of growth in average loan assets. Since 2012, Fresno Madera Farm Credit has returned more than $22 million in cash patronage payments to members.