Statesville, NC (PRWEB) April 12, 2010
In April, member-borrowers of Carolina Farm Credit will receive patronage refunds checks for 2009, Michael R. Morton, CEO, announced today.
The amount of patronage to be paid and revolved in the future for borrowers of Carolina Farm Credit will total nearly $15.5 million. Borrowers will receive a refund of 20 percent of the interest that accrued on their loans in 2009. A cash refund of $4.6 million will be paid, and the remainder will be placed in allocated capital accounts for future revolvement.
"Carolina Farm Credit had another successful year in 2009. We're pleased to be able to share our success with our borrowers by putting our profits in their pockets," said Tommy Porter, Chairman of the Carolina Farm Credit board. "This is the twenty-second consecutive year we've paid a patronage refund. In addition, the board of directors plans to continue to retire the allocated surplus according to their plan in the fall of 2010. Since 1988, Carolina Farm Credit has declared patronage totaling more than $337 million to be paid to its member-borrowers through patronage refunds and retirements of allocated surplus."
"When we distribute our profits to our borrowers, it reduces their effective cost of borrowing," Michael R. Morton stated, "and it proves that there are distinct financial benefits in doing business on a cooperative basis."
Carolina Farm Credit is a farmer-owned cooperative providing short, intermediate, and long-term financing to full and part-time farmers and agricultural-related businesses and also provides financing for the construction and purchase of rural homes in 54 counties through 37 service centers. Other financial services available through Carolina Farm Credit are credit life and crop insurance, appraisal services, financial planning, and leasing programs.
Carolina Farm Credit serves over 8,800 members with loans outstanding totaling over $1.3 billion with service centers located in Albemarle, Asheboro, Asheville, Boone, Burnsville, Carthage, Concord, Ellerbe, Graham, Greensboro, Hendersonville, Hillsborough, Jefferson, Lenoir, Lexington, Lincolnton, Marshall, Mocksville, Monroe, Murphy, Newton, Pilot Mountain, Reidsville, Roxboro, Rural Hall, Salisbury, Shelby, Siler City, Sparta, Spindale, Statesville, Taylorsville, Wadesboro, Waynesville, Wilkesboro, Yadkinville, and Yanceyville.
Directors for Carolina Farm Credit are Thomas E. Porter, Jr., Chairman, Cabarrus County; Joseph “Joe” Lail, Vice-Chairman, Cleveland County; John M. Barnard, Iredell County; E. Bernard Beck, Randolph County; W. Rex Bell, Iredell County; Mark A. Bray, Herbert R. Cheeks, Clay County. Stokes County; David M. Coltrane, Randolph County; Charles L. "Butch" Deal, Macon County; Bobby Joe Gambill, Alleghany County; W. Stephen “Steve” Love, Alamance County; Bobby J. “Bud” Matthews, Yadkin County; R. Dwayne Myers, Wilkes County; Clark M. Newlin, Alamance County; Tony. L. Ragan, Lee County; Lewis E. Smith, Lincoln County; Vickie N. Smitherman, Yadkin County; L. Kim Starnes, Rowan County, Dr. Alton Thompson, Guilford County;