“We are proud of the Farm Credit System’s unique cooperative structure, and a crucial part of that is our patronage program,” says Tom Truitt, CEO of MidAtlantic Farm Credit.
WESTMINSTER, Md. (PRWEB) April 02, 2019
Farm Credit announced the distribution of $20 million in cash to its members this month. This is in addition to the more than $10 million that the Association distributed in February.
“We are proud of the Farm Credit System’s unique cooperative structure, and a crucial part of that is our patronage program,” says Tom Truitt, CEO of MidAtlantic Farm Credit. “Since December of 2018, our Association has been able to distribute over $40 million in cash back into the pockets of our members, which is a record for the Association.”
MidAtlantic Farm Credit, part of the national Farm Credit System, serves customers in Delaware, Maryland, Pennsylvania, Virginia, and West Virginia. As a cooperative, associations within the System can share a portion of their annual profits with their borrower-members.
Each association calculates its total income and expenses at the close of each year. The net income remaining, once all expenses are deducted, can then be distributed in accordance with the association’s bylaws. For more information about Farm Credit’s cooperative structure and patronage program, please visit http://www.mafc.com/about/patronage.
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 11,500 members and over $2.8 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.