Source: AGCAROLINA FARM CREDIT, 3/21/16

On Tuesday, April 5th, member-borrowers of AgCarolina Farm Credit will receive patronage refund checks for 2015, Dave Corum, CEO, announced today.

The all-cash patronage will be paid in the amount of $10.6 million for the borrowers of AgCarolina Farm Credit.  Borrowers will receive a refund of 24% of the interest that accrued on their loans in 2015.

"AgCarolina Farm Credit had another successful year in 2015. Sharing our success with our borrowers by putting our profits in their pockets reflects the strength of our cooperative," said Dave Corum, CEO of AgCarolina Farm Credit. "This is the 28th consecutive year we've paid a patronage refund.  Since 1988, AgCarolina Farm Credit has declared patronage totaling more than $213 million to be paid to its member-borrowers of eastern North Carolina through patronage refunds."

"By distributing our profits to our borrowers, it reduces their effective cost of borrowing," Corum stated, "and it further proves the distinct financial benefits of doing business on a cooperative basis."

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 3,000 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.