Five Star Cooperative Shares $3.6 million in Profits

Five Star Cooperative, home-based in New Hampton, has announced a profitable fiscal year 2023.

In a statement, the ag company says almost $3.6 million in patronage has been extended to its valued owners, solidifying their commitment to enhancing the well-being of their members. They add that the revenue also represents a substantial injection of funds to bolster local economies and uplift the communities they serve.

Chairman Tom Shatek says, “The Five Star Board of Directors feel it is important to pay dividends, both current and deferred, whenever possible. Some years are better than others. 2023 was a good year, so we felt the Coop should pay back a meaningful amount to its valued members. Thank you for your past, present, and future business.”

Five Star’s patronage distribution includes $1.2 million in immediate cash payouts to members, with about $2.3 million allocated as owner equity.

The company also notes that, in August, they disbursed $1.7 million in deferred dividends and payments to individuals no longer actively farming or have reached the age of 85, exemplifying their inclusive approach to benefit all members.

Five Star Cooperative is a farmer-owned agricultural cooperative spanning across 14 counties with 18 locations in North Iowa providing agronomy, feed, grain, energy, and retail products and services to their members and customers.