AgCarolina Farm Credit returns patronage distribution of more than $18 million dollars
Various members of the AgCarolina Farm Credit cooperative are shown receiving their patronage returns from 2019. AgCarolina returned 31% of the accrued interest paid back to its members at its annual Patronage Day celebration held February 20th. Submitted photo.
On Thursday, February 20th, members of AgCarolina Farm Credit received patronage refund checks for 2019. AgCarolina Farm Credit returned $1,690,077 to members with loans for land, homes, and farms throughout Lenoir, Jones, and Wayne Counties.
Various members of the AgCarolina Farm Credit cooperative are shown receiving their patronage returns from 2019. AgCarolina returned 31% of the accrued interest paid back to its members at its annual Patronage Day celebration held February 20th. Submitted photo.
The all-cash patronage was paid in the amount of $18 million for the members of AgCarolina Farm Credit. The amount is equal to a refund of 31% of the interest that accrued on their loans in 2019. “Your co-op. Your Share.” was the theme of this year’s celebration events, and highlighted the benefits of being members of the cooperative.
"AgCarolina Farm Credit had another successful year in 2019. 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.
"The agriculture economy has been weakened due to weather events, low commodity prices, tariffs, and many other deterrents. Returning patronage refunds for the 32nd consecutive year reveals the strength of AgCarolina’s membership in the face of adversity. Since 1988, AgCarolina Farm Credit has paid more than $282 million to its members in eastern North Carolina through patronage refunds."
"By distributing our profits to our members, it reduces their effective cost of borrowing," 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 $1.4 billion in loans and commitments outstanding to nearly 3,300 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.
