Fresno Madera Farm Credit to distribute $12.5 million to members
FRESNO — Fresno Madera Farm Credit, ACA, located in California’s Central Valley announced today that it will return $12.5 million to their members in the form of a cash patronage distribution based on 2019 earnings; a slight increase from last year.
Overall, Fresno Madera Farm Credit earned $23.3 million in net income for 2019, so this patronage distribution represents more than 50 percent of the 2019 total earnings.
“Our board fully understands the value created by our patronage program; we’re very pleased about our financial results, and the amount of earnings we are able to return to the members, while keeping the Company well-positioned for the future,” stated Jeff Jue, Chairman of the Board.
Over the past five years, Fresno Madera Farm Credit has returned nearly $50 million in cash to its membership. “Our staff is very aware of the impact we can have with our membership — by delivering the best-possible service while operating efficiently to return as much value as we can in the form of patronage. We take a lot of pride in our commitment to agriculture and know the role that patronage can play in our total value proposition with our members,” said Keith Hesterberg, President and CEO.
Founded in 1917, FMFC is a farmer-owned cooperative and proud member of the Farm Credit System. Located in one of the most productive agricultural areas in the world, FMFC provides credit and financial services to farmers, ranchers, and agribusinesses that grow, process and market over 350 commodities that are shipped all over the United State, and the world.
• • •
For more information about FMFC, visit fmfarmcredit.com, and for more information about the Farm Credit System, visit farmcredit.com.