Farm Credit Associations of Florida declare $20.1 million cash patronage distribution for 2017
The three Florida Farm Credit associations’ Board of Directors recently declared $20.1 million in patronage dividends to qualified borrowers of the agricultural lending cooperatives throughout the state.
“As a cooperative, we are proud to be in a position to return a portion of our profits to our customers through our Patronage program,” said Farm Credit of Northwest Florida CEO Rick Bitner. “We are committed to supporting rural communities and agriculture by helping rural America grow with reliable and consistent credit.”
Every year, the associations’ Board of Directors’ review the cooperatives’ financial position and determine the amount of patronage that can be distributed to its members. Since 1988, Farm Credit associations in Florida have declared patronage refunds exceeding $557 million.
“Farm Credit owes its success to our loyal members,” said Farm Credit of Florida CEO Greg Cunningham. “Their commitment to our Cooperative and to agriculture ensures that together we can continue to grow bigger, better and stronger by providing the financing they require, the customer service they deserve, and by paying back the patronage that belongs to them as an owner of Farm Credit.”
“There are several benefits of cash patronage that reach beyond our members’ wallets,” said Farm Credit of Central Florida CEO Reginald Holt. “It creates an understanding between their investment in Farm Credit and the benefits of membership in our unique cooperative.”
Farm Credit associations in Florida are member-owned agricultural lending cooperatives that serve the entire state of Florida. The Florida associations include Farm Credit of Northwest Florida, Farm Credit of Central Florida and Farm Credit of Florida. Part of the nationwide Farm Credit System established in 1916, Farm Credit associations in Florida provide loans, leases and crop insurance to over 4,600 farmers, ranchers, growers and rural homeowners across the state.