AgriBank Pays Quarterly Preferred Stock Dividend

Rhea-AI Summary

On April 1, 2023, AgriBank announced a quarterly cash dividend of $1.7188 per share on its 6.875% non-cumulative perpetual class A preferred stock. This dividend applies to holders of record as of March 1, 2023. The bank previously issued $250 million of preferred stock on October 29, 2013 to enhance long-term access to high-quality capital for its 15-state Farm Credit District, which supports farmer and rancher needs. AgriBank is part of the cooperative structure of the nationwide Farm Credit System, focusing on providing financial services in rural areas.

Positive

• Quarterly dividend of $1.7188 strengthens investor confidence.
• Long-term capital access established with the $250 million preferred stock issuance.

Negative

• None.

ST. PAUL, Minn., April 1, 2023 /PRNewswire/ -- Today, St. Paul-based AgriBank paid a quarterly cash dividend of $1.7188 per share on its 6.875 percent non-cumulative perpetual class A preferred stock to holders of record as of March 1, 2023.

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

When is AgriBank's next dividend payment?

AgriBank's next dividend payment date will be announced following its upcoming quarterly board meeting.

What is the amount of AgriBank's preferred stock dividend?

AgriBank's preferred stock dividend is $1.7188 per share.

How often does AgriBank pay dividends on its preferred stock?

AgriBank pays dividends on its preferred stock quarterly.

Is AgriBank's dividend sustainable?

While AgriBank's current dividend is consistent, sustainability should be reviewed in the context of future earnings and capital requirements.