AgStar Financial Services Posts Record Setting Mid-Year Performance
Net earnings reported $42 million

MANKATO, Minn. (August 3, 2011) – AgStar Financial Services, a value-added financial services company owned by its client-stockholders, today reported after-tax earnings of $42 million for the first half of 2011, a 30% increase over one year ago. These earnings represent a record mid-year performance for the cooperative.

“We are pleased with our results for the first six months of 2011,” stated Paul DeBriyn president and CEO of AgStar Financial Services. These record earnings are a result of growth in loan volume in AgStar’s core markets, which are very solid. The grain industry remains strong despite volatile pricing and the dairy industry is finally recovering from a long down cycle. In addition, the swine market is doing very well, as it has for the past 12 months. “All of these positive factors contributed to our strong results so far this year,” stated DeBriyn.   

In September, AgStar will distribute allocation notices to stockholders for $36.8 million in patronage dividends based on 2010 earnings. Since 1998, AgStar has allocated more than $296 million in patronage dividends to qualified stockholders.

“AgStar continues to be well-positioned to serve our valued clients and stockholders as their operations grow and evolve,” said DeBriyn. “As always, we are committed to providing clients with the industry expertise and world-class service they’ve come to expect from AgStar.”

About AgStar:

AgStar Financial Services, ACA, headquartered in Mankato, Minn., employs more than 600 full-time team members. The company is part of the national Farm Credit System and has a public mission to serve 69 counties in Minnesota and northwest Wisconsin.  AgStar’s industry specialization, client segments and market delivery systems result in diversification nationwide. The company has expertise in the corn, soybean, swine, and dairy and bio-energy industries.  AgStar has developed successful programs in loans, leases, crop insurance, tax services, accounting, consulting and rural home mortgages. As a value-added financial services cooperative, AgStar allocates patronage dividends to its 13,000 stockholders.  The company is also committed to giving back to rural residents, organizations and communities through AgStar’s Fund for Rural America.  Visit www.AgStar.com for more information.

 

Contact: Heather Leiferman
                  507-529-2087
                  Heather.Leiferman@AgStar.com

 

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