AgCarolina Farm Credit announces record patronage distribution of $28 million
Raleigh, NC — AgCarolina Farm Credit announces the distribution of their 2020 patronage distribution to members in February.
The all-cash patronage is being paid in the amount of over $28 million to the members of AgCarolina Farm Credit. The amount is equal to a refund of 55% of accrued interest paid on member loans in 2020. “Record year” is the theme of this year’s patronage celebration, as AgCarolina is returning the highest patronage distribution in the history of the Association.
"The strength of our agriculture and rural lending cooperative is reflected as we continue to put our profits in the pockets of our membership in the form of patronage returns," said Dave Corum, CEO of AgCarolina Farm Credit. "This is by far the largest patronage return in AgCarolina’s 33 year consecutive years of paying patronage.”
"By distributing our profits to our members, it reduces their effective cost of borrowing. Our 2020 patronage refund equates to an average interest rate reduction of 2.55% for members," Corum stated, "and it further proves the distinct financial benefits of doing business on a cooperative basis."
AgCarolina Farm Credit is a farmer owned financial cooperative with headquarters in Raleigh. They are the leading provider of credit to farmers in central and eastern North Carolina. AgCarolina Farm Credit has over $1.5 billion in loans and commitments outstanding to over 3,400 North Carolina farmers. Loans are made to finance land, homes, farm buildings, operating expenses, livestock and equipment, as well as other purposes. Credit life insurance, appraisal services, and leasing are also available through AgCarolina Farm Credit. Branch locations are in Ahoskie, Elizabeth City, Greenville, Halifax, La Grange, Louisburg, New Bern, Raleigh, Rocky Mount, Smithfield, Swan Quarter, and Williamston.