AgriBank Pays Quarterly Dividend and Redeems Preferred Stock

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AgriBank (AGBK) pays final quarterly cash dividend of $1.7188 per share on its 6.875 percent non-cumulative perpetual series A preferred stock and announces redemption of the preferred stock. AgriBank issued $250 million of preferred stock on Oct. 29, 2013, to provide the Bank and the 15-state Farm Credit District it serves with long-term access to high-quality capital, helping ensure the District is well-positioned to meet the long-term growth and credit needs of farmer and rancher customers.

ST. PAUL, Minn., Jan. 1, 2024 /PRNewswire/ -- Today, St. Paul-based AgriBank paid a final quarterly cash dividend of $1.7188 per share on its 6.875 percent non-cumulative perpetual series A preferred stock to holders of record as of December 1, 2023. As previously announced, AgriBank will redeem the preferred stock effective today.

AgriBank issued $250 million of preferred stock on Oct. 29, 2013 to provide the Bank and the 15-state Farm Credit District it serves with long-term access to high-quality capital, helping ensure the District is well-positioned to meet the long-term growth and credit needs of farmer and rancher customers.

About AgriBank
AgriBank is part of the customer-owned, nationwide Farm Credit System. Under Farm Credit's cooperative structure, AgriBank is primarily owned by local Farm Credit Associations, which provide financial products and services to rural communities and agriculture. AgriBank obtains funds and provides funding and financial solutions to those Associations. AgriBank and those Associations comprise the AgriBank District. The District covers a 15-state area stretching from Wyoming to Ohio and Minnesota to Arkansas. For more information, visit www.AgriBank.com.

Forward-Looking Statements
Any forward-looking statements in this press release are based on current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from expectations due to a number of risks and uncertainties. More information about these risks and uncertainties is contained in AgriBank's annual report. The Bank undertakes no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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SOURCE AgriBank

FAQ

What is the final quarterly cash dividend paid by AgriBank (AGBK) on its preferred stock?

AgriBank paid a final quarterly cash dividend of $1.7188 per share on its 6.875 percent non-cumulative perpetual series A preferred stock.

When did AgriBank (AGBK) issue the preferred stock?

AgriBank issued $250 million of preferred stock on Oct. 29, 2013.

Why did AgriBank (AGBK) issue the preferred stock?

AgriBank issued the preferred stock to provide the Bank and the 15-state Farm Credit District it serves with long-term access to high-quality capital, helping ensure the District is well-positioned to meet the long-term growth and credit needs of farmer and rancher customers.

What is the purpose of redeeming the preferred stock by AgriBank (AGBK)?

AgriBank will redeem the preferred stock to provide long-term access to high-quality capital and ensure the District is well-positioned to meet the long-term growth and credit needs of farmer and rancher customers.