AgriBank Pays Quarterly Preferred Stock Dividend

Rhea-AI Summary

On January 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 is payable to holders of record as of December 1, 2022. The bank aims to enhance its capital base, having issued $250 million of preferred stock on October 29, 2013, to support its growth and that of the 15-state Farm Credit District it serves. This strategy helps meet the long-term credit needs of farmers and ranchers in the region.

Positive

• AgriBank paid a quarterly dividend of $1.7188 per share, reflecting financial stability and commitment to shareholders.
• The issuance of $250 million in preferred stock strengthens the bank's capital base, aiding long-term growth.

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• None.

ST. PAUL, Minn., Jan. 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 Dec. 1, 2022.

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. The AgriBank District covers a 15-state area stretching from Wyoming to Ohio and Minnesota to Arkansas. For more information, please visit https://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 dividend amount paid by AgriBank?

AgriBank paid a quarterly cash dividend of $1.7188 per share.

When was the dividend payment made by AgriBank?

The dividend payment was made on January 1, 2023.

What is the significance of the preferred stock issued by AgriBank?

The $250 million of preferred stock issued helps AgriBank maintain long-term access to capital for growth.

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

The dividend yield for AgriBank's preferred stock is 6.875%.