Release date: 4/5/2017
The all-cash patronage will be paid in the amount of $11.2 million to the borrowers of AgCarolina Farm Credit.
Raleigh, NC — AgCarolina Farm Credit, a lending institution for the rural and agricultural communities of eastern North Carolina, announces member-borrowers will receive a refund of 23% of the accrued interest on their loans for 2016 in the form of patronage refund checks. The all-cash patronage will be paid in the amount of $11.2 million to the borrowers of AgCarolina Farm Credit.
"AgCarolina Farm Credit was a successful organization in 2016. With our success and commitment to the cooperative structure of business, AgCarolina shares with our borrowers by putting our profits in their pockets," said Dave Corum, CEO of AgCarolina Farm Credit. "Over the last 29 years, AgCarolina has returned more than $224 million to its member-borrowers of eastern North Carolina through patronage refunds. When we distribute our profits to our borrowers, 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."
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, crop insurance, appraisal services, and leasing are also available through AgCarolina Farm Credit.