This is the 25th consecutive year we've paid a patronage refund. Since 1988, Carolina Farm Credit has declared patronage totaling more than $315 million to be paid to its member-borrowers through patronage refunds and retirements of allocated surplus.
Statesville, NC (PRWEB) September 30, 2013
Carolina Farm Credit (Association) is revolving $11.8 million in cash, 100% of the 2006 series of qualified allocated surplus to members and 100% of the 2006 series of non-qualified surplus allocated. The Association declared a patronage of $14.7 million in April of this year with $4.4 million being distributed in cash. With cash patronage in the spring, and the revolvement of this surplus, the total cash returned to stockholders in 2013 is $16.2 million.
"Each year, part of the patronage refund has been paid in cash; the balance has been placed in a surplus allocated account for each member. "This is the 25th consecutive year we've paid a patronage refund. Since 1988, Carolina Farm Credit has declared patronage totaling more than $315 million to be paid to its member-borrowers through patronage refunds and retirements of allocated surplus."
The Board is pleased to revolve the 2006 series to members. The Association is strong and has taken steps to position itself to weather further economic adversity and continue to be a dependable source of credit to agriculture," said Joe Lail, Chairman of the Board.
Michael R. Morton, CEO, stated, "Our members will not only gain financial benefits from the surplus retirement, it will help them better understand the linkage between their investment in the Association and benefits derived from doing business with a farmer-owned cooperative. Like other financial institutions, Carolina Farm Credit charges a competitive interest rate; however, unlike other financial institutions, Carolina Farm Credit returns the majority of its profits to borrowers, which reduces their effective interest rate."
Carolina Farm Credit makes short, intermediate, and long-term loans to full and part-time farmers for almost any farm or family need. Purposes include production expenses, machinery purchases, construction of facilities, land purchases, livestock purchases, refinancing of debts, as well as farm family needs such as autos, college expenses, home repairs, etc. The Association also makes loans for homes, lots and home construction.
Carolina Farm Credit was recognized as a 2013 Best Employer in North Carolina. The list of the Best Employers in North Carolina was created by Business North Carolina, the Society for Human Resource Management (SHRM) – NC State Council and Best Companies Group. Carolina Farm Credit is the 5th Best Employer in North Carolina in the small to medium-sized company category.
Carolina serves over 8,900 members with loans outstanding totaling over $1.3 billion with service centers located in Albemarle, Asheboro, Asheville, Boone, Brown Summit, Burnsville, Carthage, Concord, Ellerbe, Graham, Hendersonville, Hillsborough, Jefferson, Lenoir, Lexington, Lincolnton, Marshall, Mocksville, Monroe, Murphy, Newton, Pilot Mountain, Roxboro, Rural Hall, Salisbury, Shelby, Siler City, Sparta, Spindale, Statesville, Taylorsville, Wadesboro, Waynesville, Wilkesboro, Yadkinville, and Yanceyville.
Directors for Carolina Farm Credit are Joseph “Joe” Lail, Chairman; Cleveland County; Mark A. Bray, Vice-Chairman; Stokes County, John M. Barnard, Iredell County; E. Bernard Beck, Randolph County; W. Rex Bell, Iredell County; David M. Coltrane, Randolph County; Susie J. Gambill, Alleghany County; W. Stephen “Steve” Love, Alamance County; Bobby J. “Bud” Matthews, Yadkin County; Clark M. Newlin, Alamance County; Thomas E. Porter, Jr., Cabarrus County; Tony. L. Ragan, D. Kaleb Rathbone, Haywood County; Lee County; Lewis E. Smith, Lincoln County; Vickie N. Smitherman, Yadkin County; L. Kim Starnes, Rowan County, Dr. Alton Thompson, Guilford County.