Farm Credit Announces February Patronage Distribution to Members

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Local agricultural lender, MidAtlantic Farm Credit, distributed over $10 million in cash to its member-borrowers this month.

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“Our patronage program is something truly unique to the Farm Credit System,” says Tom Truitt, CEO of MidAtlantic Farm Credit. “We are proud to be able to return over $10 million in cash directly to our customers, their families, and our local communities this month.”

MidAtlantic Farm Credit announced an extra patronage distribution of over $10 million in cash to its customers this month.

“Our patronage program is something truly unique to the Farm Credit System,” says Tom Truitt, CEO of MidAtlantic Farm Credit. “We are proud to be able to return over $10 million in cash directly to our customers, their families, and our local communities this month.”

MidAtlantic Farm Credit is a part of the national Farm Credit System. Their territory covers portions of Delaware, Maryland, Pennsylvania, Virginia, and West Virginia. Farm Credit is a member-owned cooperative, comprised of associations that are able to share a portion of their annual profits with their member-borrowers. Each association determines its total income and expenses at the close of each fiscal year. Once all expenses are deducted, the net income remaining can be distributed in accordance with the association’s bylaws.

Historically, MidAtlantic Farm Credit has returned patronage twice a year – once in April, which is determined upon the cooperative’s net income and borrower’s usage from the year prior, and again in December, which is based off of the cooperative’s net income and borrower’s usage from previous years. “With the challenges our industry faced in 2018, and the uncertainty of what is to come, our board of directors voted to return this special patronage distribution to help our members position themselves for future success,” adds Truitt.

In 2018, the Association distributed over $37 million in cash to its member-borrowers. For more information about Farm Credit’s structure and patronage program, please visit 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 approximately 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.

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Katie Ward

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