MANKATO — The AgStar Financial Services’ board of directors has approved the retirement of the 2001 patronage allocations. With the 2001 retirement, AgStar will have distributed $13.9 million in earnings to nearly 9,000 eligible stockholders.

“We’re excited that our financial strength has allowed us to retire the 2001 patronage allocations,” said Lowell Schafer, chairman of the board. “As a financial cooperative, we’re pleased to share a portion of profits with the individuals who have helped build our success. This cash patronage retirement is just one of the many ways that ownership pays for AgStar stockholders.”

The program adds value to stockholders who already benefit from AgStar’s expertise and competitive financing.

The patronage program was implemented in 1998 and targets a seven- to 10-year retirement time frame of non-qualified dividends. Yearly allocations are based on company earnings and the amount of products or services a stockholder purchases from AgStar during the year. AgStar has allocated $259 million in patronage dividends and retired over $40 million to qualified stockholders.

AgStar employs more than 650 full-time team members. As a value-added financial services cooperative, AgStar allocates patronage dividends to its 13,000 stockholders.