The $10.2 million in checks we have written to our members is perhaps one of the best reasons for doing business with Farm Credit, says Bob Frazee, CEO.
Westminster, Maryland (PRWEB) January 08, 2013
MidAtlantic Farm Credit is celebrating a financially successful year by distributing over $10.2 million in cash to its member/borrowers through its patronage program. In April of this year, the cooperative lender also returned $10.2 million in cash to its member/borrowers.
MidAtlantic Farm Credit, a member-owned cooperative and part of the nation-wide Farm Credit System, serves borrowers in Delaware, Maryland, Pennsylvania, Virginia and West Virginia. As a cooperative, MidAtlantic Farm Credit can share a portion of its annual profits with borrowers. Historically, at least 60 percent of annual profits are returned to its member/borrowers.
“The $10.2 million in checks we have written to our members is perhaps one of the best reasons for doing business with Farm Credit,” says Bob Frazee, CEO of MidAtlantic Farm Credit. “Our interest rates are competitive even without the effect of the patronage program, our loan programs are flexible and creative as any out there, and our commitment to customer services in unmatched,” he continues.
MidAtlantic Farm Creditis committed to returning earnings to the people who make it successful – their borrowers. The $20.4 million in cash returned to members/borrowers in 2012 is a good indication of the financial stability of MidAtlantic Farm Credit.
About MidAtlantic Farm Credit
MidAtlantic Farm Credit is an agricultural lending cooperative owned by its member‐borrowers. It provides farm loans for land, equipment, livestock and production; crop insurance; and rural home mortgages. The co‐op has over 10,500 members and approximately $2.2 billion in loans outstanding. MidAtlantic has branches serving Delaware, Maryland, Pennsylvania, Virginia and West Virginia. It is part of the national Farm Credit System, a network of financial cooperatives established in 1916 to provide a dependable source of credit to farmers and rural America.