"The patronage refund represents a significant reduction in the cost of borrowing for our members," said AgGeorgia CFO Carrie McCall. "For every dollar of interest expense accrued by our members in 2013, 18.15 cents is being paid back to them."
Perry, GA (PRWEB) April 21, 2014
AgGeorgia Farm Credit recently declared a patronage refund of over $8.9 million to be paid to the members of the cooperative. "The patronage refund continues to be a shining example of our commitment to the members of our cooperative, rural Georgia, and agriculture in general," said Jack Drew, AgGeorgia CEO. "Our ability and desire to share profits with our members are unique distinctions."
The refund consisted of more than $2.68 million in cash and over $6.26 million in allocated surplus, with the surplus portion to be used to maintain the capital position of the cooperative and returned to members at a later date. The cash portion of the refund was distributed the first week of April to the nearly 4,000 members of the cooperative.
"The patronage refund represents a significant reduction in the cost of borrowing for our members," said AgGeorgia CFO Carrie McCall. "For every dollar of interest expense accrued by our borrowers in 2013, 18.15 cents is being paid back to them. This is the highest refund percentage in 3 years, compared to 8% for 2012 and 5.38% for 2011."
“We are proud to be able to make this cash infusion into the Georgia economy and lower the cost of borrowing for our members,” said Dan Raines, Chairman of the Board for AgGeorgia Farm Credit. “The Board recognizes how important this is for our member-owners and their families.”
About AgGeorgia Farm Credit
AgGeorgia Farm Credit is an agricultural lending cooperative owned by its member-borrowers. It provides farm loans for land, equipment, livestock and production; rural home mortgages, and services such as crop insurance and leasing. AgGeorgia Farm Credit has 20 branches serving 79 counties in Georgia. 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. For more information, visit http://www.aggeorgia.com.