Farm Credit of Western New York
redeems $2.4 million to members

Farm Credit of Western New York paid in cash $2.4 million of allocated equity in December. Payments were based on interest that accrued on eligible member-borrower accounts in 1997.

According to Chairman of the Board Rodney Stettner, this is the first redemption of allocated equity by the financial services cooperative. Payments equate to approximately seven percent of the interest that accrued on member-borrower accounts in 1997.

"As a member-owned cooperative, we have used allocated equity to build capital strength. Due to our strong financial position, we are now able to redeem that equity to members," said Stettner, an Ogden crop farmer.

The Association is part of the Farm Credit System, a nationwide financial cooperative that lends to agriculture and rural America. Farm Credit of Western New York, ACA has offices in Batavia, Geneva, Hornell, Mayville, and Warsaw, and serves over 3,400 members.