During these uncertain times in our industry, I am even more proud of our cooperative structure that allows us to share our profits with our borrowers,” says Tom Truitt, CEO of MidAtlantic Farm Credit.
WESTMINSTER, Md. (PRWEB) April 07, 2020
Farm Credit announced the distribution of $17 million in cash to its members this month. This is in addition to the more than $10 million that the Association distributed in February.
“During these uncertain times in our industry, I am even more proud of our cooperative structure that allows us to share our profits with our borrowers,” says Tom Truitt, CEO of MidAtlantic Farm Credit. “This spring patronage distribution, in addition to the record-breaking $40 million distributed in 2019, is a testament to the financial strength of our Association, which is crucial to our membership as we help them navigate the various challenges they are facing as a result of this pandemic.”
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 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 11,800 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.