Our cooperative structure is unique, just like our customers are. The over $30 million in cash to our members last year directly impacted our borrowers and local communities, and that’s something we are honored to have the ability to do.
Westminster, MD (PRWEB) May 23, 2017
MidAtlantic Farm Credit, a members-owned cooperative association and part of the national Farm Credit System, recently published their 2016 annual report. The association reported a net income of $57.3 million in 2016, up from $53.1 million in 2015. Their loan portfolio has also increased from $2.46 billion in 2015 to $2.6 billion, with acceptable credit quality increasing from 97.8 percent to 98.2 percent.
Over the course of 2016, MidAtlantic Farm Credit returned $31.5 million in cash through their patronage program. “Our patronage program is something we are extremely proud of, and something that sets us apart from other lenders,” says Tom Truitt, CEO of MidAtlantic Farm Credit. “Our cooperative structure is unique, just like our customers are. The over $30 million in cash to our members last year directly impacted our borrowers and local communities, and that’s something we are honored to have the ability to do.”
The Farm Credit System celebrated its centennial in 2016, and celebrated the many customers, supporters, and staff members that have helped the System succeed for 100 years. “Farm Credit really wouldn’t be here today without the support of our member-borrowers, community members, legislators, and employees – both past and present,” says Truitt. “We’re excited about the direction we are headed, and look forward to another successful year.”
To view MidAtlantic Farm Credit’s 2016 annual report, please visit mafc.com/about/financial-reports.
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 11,100 members and almost $2.6 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.