Members of Fresno Madera Farm Credit are receiving a record distribution following a challenging year.
Fresno Madera Farm Credit announced Wednesday that it is distributing $19.4 million in cash patronage to its member borrowers, the most it has ever distributed.
The big picture: The $19.4 million distribution represents one percent of each member’s average daily borrowing for 2023.
- Fresno Madera Farm Credit says the record distribution represents the understanding of the current economic landscape and its commitment to supporting members when they need it most.
- The organization was founded in 1917 and is part of the national Farm Credit System, which provides credit to farmers and ranchers.
What they’re saying: “It’s not just about providing financial relief; it’s a decision that demonstrates our understanding of the many challenges that came with higher interest costs, and other pressures that reduced the profitability of many of our members,” said Board Chairman Jeff Yribarren.
- President and CEO Keith Hesterberg said the decision to increase this year’s patronage distribution is a testament to the board’s understanding of the challenges farmers and ranchers face.
- “It’s a reflection of our unwavering commitment to stand with our members – especially when times are a bit more challenging,” Hesterberg said. “We believe that by acknowledging and responding to their struggles, we reinforce our value proposition with the membership through a strong patronage program, and a strong 2023 patronage outcome.”
