TO OUR SHAREHOLDERS
We are pleased to present this 2020 Annual Report to the shareholders of Farm Credit West. Farm Credit West had a solid year of performance
received since the program’s inception in 2002.
in spite of the dramatic events of 2020 that presented
Your Board of Directors determined this level of
significant challenges, none of which could have been
patronage was justified due to our continued strong
anticipated. It is good to have 2020 behind us,
earnings and our customers’ significant need. While
and we look forward to progress in 2021. To thank
a mid-year patronage distribution is unprecedented
you for your business, we were pleased to distribute
in our Association’s history, the Board of Directors
a total combined patronage dividend to customer-
and management team felt strongly that swift
owners equal to 150 basis points (bps) or 1.5%
and immediate action was required to bolster the
of eligible average outstanding loan balances in
agricultural industry during such challenging times.
2020. This patronage dividend includes the special pandemic-related relief payment of 50 bps declared
The combined patronage on 2020 earnings equals a
by the Board of Directors mid-year and paid during
record $185.0 million in cash and the 20th consecutive
the summer of 2020. The combined 150 bps
year of paying patronage to our customer-owners.
patronage distribution for 2020 represents the highest
With this most recent cash distribution, Farm Credit
payout Farm Credit West customer-owners have
West has paid over $1 billion in patronage dividends
BOARD OF DIRECTORS Joseph C. (Joey) Airoso
4
Robert E. Amarel, Jr.
Teresa Castanias
FARM CREDIT WEST | 2020 ANNUAL REPORT
Mark A. Cook
Catherine Fanucchi
Douglas C. Filipponi
Craig Gnos
