MAYFIELD — River Valley AgCredit, a customer–owned financial cooperative with over 100-years of support for rural communities and agriculture, announced in early March they are paying over $6.4 million in cash to their customer-owners in the form of a patronage dividend.
As a cooperative, River Valley AgCredit distributes a portion of its profits back to their customers via “Our Profits, Your Pockets!” This Patronage Refund is in the form of cash which in turn, reduces the amount of interest that is being paid for financing. By giving this form of refund it enables more money to remain here in the community which we serve.
The Board of Directors, management and staff are thankful for our members and are proud that River Valley is one of the few financial institutions that directly reward the customers for their loyalty and do so in a tangible way.
“River Valley AgCredit is proud to be able to consistently operate as a true cooperative. Since our patronage program was implemented 24 years ago we have disbursed over $71 million back to our member-owners. Competition remains fierce for agricultural loans, but River Valley AgCredit uses our conservative spending philosophy to ensure our costs are not passed down to our customers in the form of higher rates and high fees. Instead of giving our members their share of our costs, we give them their share of our profits” said Kyle Yancey, Chief Executive Officer.