Source: PRESS RELEASE, 3/12/14

AgCarolina Farm Credit, a member-owned cooperative, had record net earnings of $28.1 million during 2013.  This was an increase of $10.8 million over the Association’s $17.3 million in earnings from 2012.  AgCarolina CEO and President, Dave Corum, attributes much of the increase in earnings to a one-time special distribution of patronage from AgCarolina’s funding bank,  AgFirst Farm Credit Bank (AgFirst).

“The special distribution in 2013, along with improved credit quality, and solid capital and liquidity levels, contributed to record earnings for 2013,” said Corum.    

In April, the Association will distribute $12.5 million in total patronage refunds to customers, which includes a “bonus patronage,” in addition to a healthy base patronage distribution.  This special “bonus” distribution is a direct result of the one-time distribution from AgFirst, which is a product of the cooperative relationship that AgCarolina shares with its funding bank.  “As a cooperative, AgCarolina prides itself on the fact that it provides substantial additional value to its customers through annual patronage distributions,” Corum said.  “We are grateful to our member/stockholders who help to make AgCarolina Farm Credit a successful cooperative.”  

AgCarolina Farm Credit is a farmer owned financial cooperative with headquarters in Raleigh.  They are the leading provider of credit to farmers in central and eastern North Carolina.  AgCarolina Farm Credit has over $1.2 billion in loans and commitments outstanding to nearly 3000 North Carolina farmers.

Loans are made to finance land, homes, farm buildings, operating expenses, livestock and equipment, as well as other purposes.  Credit life insurance, crop insurance, appraisal services, and leasing are also available through AgCarolina Farm Credit