MANKATO — AgStar Financial Services’ Board of Directors has approved the retirement of the 2001 patronage allocations. With the 2001 retirement, AgStar will have distributed $13.9 million in earnings to nearly 9,000 eligible stockholders.
“We’re excited that our financial strength has allowed us to retire the 2001 patronage allocations,” said Lowell Schafer, chair of AgStar’s Board of Directors. “As a financial cooperative, we’re pleased to share a portion of profits with the individuals who have helped build our success.”
The patronage program was implemented in 1998 and targets a seven- to-10 year retirement timeframe of non-qualified dividends. Yearly allocations are based on company earnings and the amount of products or services a stockholder purchases from AgStar during the year. AgStar has allocated $259 million in patronage dividends and retired over $40 million to qualified stockholders.