Source: AGCAROLINA FARM CREDIT, 3/15/16

AgCarolina Farm Credit, a member-owned cooperative, experienced another successful year in 2015.  Net earnings of $22.6 million, along with a 3.8 percent increase in loan volume from the previous year were reported.  Strong loan growth, and a special distribution from AgFirst Farm Credit Bank, the Association’s funding bank, contributed to the stellar earnings for 2015.

As owners of their financial cooperative, AgCarolina’s customers have the opportunity to share in the financial success of the cooperative through patronage dividends.  In April, the Association will distribute $10.6 million in total patronage refunds to customers, a very strong patronage distribution.  “For 28 consecutive years, AgCarolina has generated enough earnings to return over $213 million back to our customers, in the form of a patronage refund,” said CEO Dave Corum.  He continues, “Over the last 10 years, customers have received an average annual interest rate discount of 1.00% from patronage.”  “Returning a portion of the profits of the Association to our members is a cornerstone of our cooperative and differentiates us from our competition,” he adds.

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.