“We are proud of the Farm Credit System’s unique cooperative structure, and a crucial part of that is our unique patronage program,” says Tom Truitt, CEO of MidAtlantic Farm Credit.
WESTMINISTER, Md. (PRWEB) April 10, 2018
Farm Credit announced the distribution of over $18 million in cash to its members this month. This is in addition to the over $9 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 unique patronage program,” says Tom Truitt, CEO of MidAtlantic Farm Credit. “Since December of 2017, our Association has been able to distribute over $37 million in cash to 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 determines its total income and expenses at the close of each year. The 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 patronage program, please visit mafc.com/about/patronage-program/.
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 11,400 members and over $2.72 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.