AgCarolina Farm Credit Announces Record Patronage Distribution of Over $20.3 Million
Release date: 3/27/2018
AgCarolina Farm Credit is proud to announce patronage distributions will be made for the 30th consecutive year to members of the cooperative.
[Raleigh, NC] AgCarolina Farm Credit, a lending institution for the rural and agricultural communities of eastern North Carolina, announces members will receive a refund of 40% of the accrued interest on their loans for 2017 in the form of patronage checks. The all-cash patronage will be paid in the amount of $20.3 million to the members of AgCarolina Farm Credit.
At the end of each fiscal year, AgCarolina Farm Credit’s board of directors inspects the capital position of the lending cooperative. When the lender is profitable, the directors have the opportunity to strengthen the retained earnings of the association or distribute some, or all, of the net income to the members in the form of a patronage refund.
"AgCarolina Farm Credit was a successful organization again in 2017. With our success and commitment to the cooperative structure of business, AgCarolina shares with our membership by putting our profits in their pockets," said Dave Corum, CEO of AgCarolina Farm Credit. "Over the last 30 years, AgCarolina has returned nearly $245 million to its members throughout eastern North Carolina in the form of patronage refunds. When we distribute Association profits to our members, it reduces their effective cost of borrowing and is a distinct representation of the financial benefits of doing business on a cooperative basis with Farm Credit. Returning this record patronage refund is a clear indicator it has never been a better time, for those in agriculture and the rural communities of eastern North Carolina, to be a member of AgCarolina Farm Credit."
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 $1.4 billion in loans and commitments outstanding to nearly 3,000 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.