Superior Ag pays out $3.5M to members
Huntingburg-based agricultural cooperative Superior Ag is paying back a total of $3.5 million in cash patronage and equity to its member-owners. CEO Barry Day said the refunds are the result of “another year of strong business performance” in 2022.
The co-op said $2.1 million was paid back as cash payments, with the remaining $1.4 million going out as equity credits as part of a 60-40 cash-to-equity split.
Superior Ag has more than 3,100 members in southwest Indiana, northern and central Kentucky, and the bordering regions of Illinois. The members share in its earnings based on the amount of business they do with the cooperative.
“We believe Superior Ag remains well-positioned to continue meeting the needs of our customers, thanks to a sound business model, a supportive and well-aligned board, exceptionally strong customer relationships, and a team of engaged, knowledgeable and highly talented associates,” Day said in a news release.
Superior Ag is the latest co-op to announce its patronage payments this year.
In January, Indianapolis-based Co-Alliance Cooperative Inc. announced what it called an “unprecedented” $45 million refund to its member-owners.
Additionally, Louisville-based Farm Credit Mid-America said in March it will return $230 million in cash patronage to members in its four-state coverage area, which includes Indiana.