The Sun Prairie-based Compeer Financial will soon be distributing more than $145 million in patronage payments to more than 30,000 of its members. The cooperative announced that about a third of those funds will be paid out to member-owners in 49 Wisconsin counties.
Compeer's board voted to increase patronage in 2020 after seeing strong financial results from the organization's diverse portfolio in 2019. Including $52 million in allocated equities already paid out in February, member-owners will receive over $197 million in patronage returns this year.
"The strength of our portfolio, including improved risk and solid earnings in 2020, led our board of directors to increase patronage payments to our member-owners," says CEO Rod Hebrink. "We recognize that it can make a big difference, especially as they've faced many challenges over the past year."
Patronage payments are based on the amount of products and services purchased by member-owners, along with the organization's financial performance.
Last year, the cooperative distributed about $125 million in payments as part of its patronage program.
Categories: Wisconsin, Business