Golden State Farm Credit (GSFC) is pleased to announce its commitment to distribute a mid-year cash patronage dividend to the farmers, ranchers and agribusiness it serves throughout California.
The Board of Directors has approved a mid-year cash patronage of $13.4 million in net earnings for the period from January 1, 2024, to June 30, 2024, to 2024 to eligible customer-owners. Returning a 0.5% patronage to our members is a testament to the strength of its members. During a time of volatility of agricultural commodities and inflationary pressures, Golden State Farm Credit is committed to providing vital support to farmers and ranchers for their operations, families and rural communities. GSFC, a farmer-owned and led cooperative, has returned more than $143 million in earnings since 2017.
“The board is committed to maintaining a cooperative that combines in-depth expertise with financial strength to be a long-term partner to our members,” said Board Chair, Mike Fry, of Kingsburg, CA. “In a year of increasing interest rates and economic challenges, patronage checks are a vital investment our Association can provide to our members. The board and employees continue to stay committed to supporting agriculture and the future of the rural communities we serve.”
The significant achievements amidst the backdrop of economic challenges are a direct result of the efforts of the board and employees’ consistent approach to lending and commitment to serve customers. “The Association’s financial health remains strong, as a testament to our dedicated Board of Directors and employees’ consistent approach to lending and the trust our customers place in our team,” stated Rob Faris, President and CEO of Golden State Farm Credit. “Farm Credit’s approach to return earnings to our member-owners is what sets us apart and allows eligible customers to reinvest in their farming operations and rural communities.”
The Board of Directors vote to approve patronage biannually. Customers receive patronage amounts proportionate to the amount of earnings generated by their eligible business in 2024. The first installment of 2024 patronage dividend checks will be mailed to eligible customer-owners at the end of September.
About GSFC:
Golden State Farm Credit (GSFC) is a customer-owned financial cooperative and a member of the Farm Credit System with offices in Northern and Central California that serve the counties of Butte, Glenn, Tehama, Shasta, Trinity, Fresno, Kings and Tulare. They serve more than 3,800 customers and manage a portfolio of $2.5 billion in total assets owned and managed. Golden State Farm Credit is committed to supporting rural California communities by providing members with reliable access to capital. As the premier ag lender in the communities they serve, Golden State Farm Credit’s products and services include loans for real estate, operating equipment, young and beginning farmers and leases. For more information about Golden State Farm Credit, call (530) 895-8698 or visit us online at www.goldenstatefarmcredit.com.
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