“Over the last 10 years, customers have received an average annual interest rate discount of 1.00% from patronage.” CEO Dave Corum
Raleigh, NC (PRWEB) April 17, 2015
AgCarolina Farm Credit, a member-owned cooperative, experienced another successful year in 2014. Net earnings of $31 million, along with an 8 percent increase in loan volume from the previous year were reported. The cooperative received a special distribution in 2014 from AgFirst Farm Credit Bank, the Association’s funding bank, which contributed to the record earnings for 2014.
As owners of their financial cooperative, AgCarolina’s customers have the opportunity to share in the financial success of the cooperative through patronage dividends. In April, the Association will distribute $12 million in total patronage refunds to customers, which includes a “bonus patronage,” in addition to a healthy base patronage distribution. “For the past 27 years, the Association has generated enough earnings to return over $200 million back to our customers, in the form of a patronage refund,” said CEO Dave Corum. He continues, “Over the last 10 years, customers have received an average annual interest rate discount of 1.00% from patronage.” “We are the only lender in the area who does that!” he adds.
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 $1.2 billion in loans and commitments outstanding to nearly 3000 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.
To learn more about AgCarolina Farm Credit visit http://www.agcarolina.com