Release date: 9/28/2015
STATESVILLE, N.C. – Carolina Farm Credit is retiring $12.2 million in cash, representing 100% of the 2008 series of qualified allocated surplus and 100% of the 2008 series of non-qualified allocated surplus. The Association had also declared a patronage of $18.4 million in April of this year with $5.5 million being distributed in cash. With cash patronage in the spring, and the retirement of this surplus, the total cash returned to stockholders in 2015 is $17.7 million.
"Each year, part of the patronage refund has been paid in cash; the balance has been placed in surplus accounts for each member. This is the 27th consecutive year we've paid a patronage refund. Since 1988, Carolina Farm Credit has declared patronage totaling more than $422 million to be paid to its member-borrowers through patronage refunds and retirements of allocated surplus. The Board is pleased to retire the 2008 series to members. The Association is strong and has taken steps to position itself to weather further economic adversity and continue to be a dependable source of credit to agriculture," said Mark Bray, Chairman of the Board.
Vance C. Dalton, Jr., CEO, stated, "Our members will not only gain financial benefits from the surplus retirement, it will help them better understand the linkage between their investment in the Association and benefits derived from doing business with a farmer-owned cooperative. Like other financial institutions, Carolina Farm Credit charges a competitive interest rate; however, unlike other financial institutions, Carolina Farm Credit returns the majority of its profits to borrowers, which reduces their effective interest rate."
Visit Carolina Farm Credit’s website to learn more about the patronage program or to calculate what the patronage refund may be on a loan.
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 36 branch offices. Other financial services available are credit life insurance, crop insurance, appraisal services, leasing programs and financial planning.
Carolina Farm Credit serves over 9,220 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, Hillsborough, Jefferson, Lenoir, Lexington, Lincolnton, Marshall, Mocksville, Monroe, Murphy, Pilot Mountain, Roxboro, Rural Hall, Salisbury, Shelby, Siler City, Sparta, Spindale, Statesville, Taylorsville, Wadesboro, Waynesville, Wilkesboro, Yadkinville, and Yanceyville.
Carolina Farm Credit was recognized as a 2015 Best Employer in North Carolina. The list of the Best Employers in North Carolina was created by Business North Carolina, the Society for Human Resource Management (SHRM) – NC State Council and Best Companies Group.
Directors for Carolina Farm Credit are Mark A. Bray, Chairman, Lawsonville; L. Kim Starnes, Vice-Chairman, Salisbury; John M. Barnard, Statesville; E. Bernard Beck, Seagrove; W. Rex Bell, Statesville; David M. Coltrane, Pleasant Garden; Susie J. Gambill, Sparta; Joseph A. Lail, Shelby;Bobby J. “Bud” Matthews, East Bend; 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.
Read issues of our magazine to get association and member news.
Sign up for our email newsletter.
Did you know our local branches post news for their areas? See what's going on around you——find your branch on our locations page.