Release date: 3/30/2017
STATESVILLE, NC – Carolina Farm Credit CEO Vance C. Dalton, Jr. is proud to announce that a cash dividend of over $14.8 million will be distributed to members. This distribution represents our cooperative’s sharing of 2016 profits.
“Carolina Farm Credit had another successful year in 2016. We are pleased to be able to share our success with our borrowers by putting our profits in their pockets,” said Kim Starnes, Chairman of the Carolina Farm Credit Board of Directors. Carolina Farm Credit has declared patronage refunds for 29 consecutive years, and since 1988, patronage refunds have totaled $449 million.
"When we distribute our profits to our borrowers, it reduces their effective cost of borrowing," Vance C. Dalton, Jr. stated, "and it proves that there are distinct financial benefits in doing business on a cooperative basis."
Carolina Farm Credit is a stockholder-owned cooperative providing financing to full and part-time farmers and agricultural-related businesses and also provides financing for the construction and purchase of homes in 54 counties through 32 branch offices. Other financial services available are credit life insurance, appraisal services, leasing programs and financial planning.
For 100 years Farm Credit has been supporting rural communities and agriculture with reliable, consistent credit and financial services.
Carolina Farm Credit serves over 9,800 members with loans outstanding totaling more than $1.4 billion. The association’s territory covers the western half of North Carolina, with branch offices located in Albemarle, Asheboro, Asheville, Boone, Browns Summit, Burnsville, Carthage, Concord, Conover, Ellerbe, Graham, Hendersonville, Jefferson, Lenoir, Lexington, Lincolnton, Monroe, Murphy, Pilot Mountain, Roxboro, Rural Hall, Salisbury, Shelby, Siler City, Sparta, Spindale, Statesville, Taylorsville, Waynesville, Wilkesboro, Yadkinville, and Yanceyville.
Directors for Carolina Farm Credit are L. Kim Starnes, Chairman, Salisbury; W. Rex Bell, Vice-Chairman, Statesville; John M. Barnard, Statesville; E. Bernard Beck, Seagrove; Mark A. Bray, Lawsonville; David M. Coltrane, Pleasant Garden; Susie J. Gambill, Sparta; Joseph A. Lail, Shelby; Clark M. Newlin, Haw River; Thomas E. Porter, Jr., Concord; Tony L. Ragan, Sanford; D. Kaleb Rathbone, Waynesville; Lewis E. Smith, Lincolnton; Vickie N. Smitherman, East Bend; Dr. Alton Thompson, Summerfield.
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