COUDERSPORT — AgChoice Farm Credit announced that it paid out $34 million in cash to eligible customer-owners this month, the largest distribution in the cooperative’s history.

The Coudersport AgChoice branch team serves the local area.

“In these challenging times, we hope patronage checks will give a real boost to our local businesses, farms and families,” said Shawn Wolfinger, AgChoice board of directors chairman and customer-owner. “With earnings from a diverse loan portfolio, our cooperative remains financially strong to help our customers through the pandemic crisis through extending credit terms, restructuring debt or serving as a resource.”

Patronage has been an integral part of AgChoice’s cooperative business model since the organization formed in 1999. The model allows AgChoice to build capital, invest in member services, share profits and lower the overall cost of borrowing to customer-owners. Annual cash payouts to customer-owners since 1999, including this year, total $346 million.

This year’s patronage program returns $0.39 for every $1.00 borrowers paid in interest on their AgChoice loans in 2019.