Submitted by Premier Farm Credit
January 20, 2010 - Sterling, CO - The Board of Directors of Premier Farm Credit recently declared a cash patronage dividend of $1 million to be distributed to its members in March, 2010. The patronage dividend checks will be based on the amount of interest paid by each borrower in 2009.
Rick Sanger, President and CEO said, “We are proud that the Association has the financial strength to enable it to return $1 million in cash to our customers! We are pleased that the quality of the loan portfolio remains sound and that the Association continues to be the leading source of competitive credit for farmers and ranchers in Northeast Colorado. The $1 million patronage payout will reduce the average borrower’s interest rate by an estimated 32 basis points. This dividend brings the total patronage payout to almost $24 million since 2000. Putting $24 million dollars back into the hands of producers has not only directly benefited our members; it has also been a significant economic benefit to all of the local communities.”