Release date: 9/26/2016
STATESVILLE, NC – Carolina Farm Credit is retiring $10.8 million in cash, representing 100% of the 2009 series of qualified allocated surplus and 100% of the 2009 series of non-qualified allocated surplus. The Association had already declared a patronage of $12.4 million in April of this year. With cash patronage in the spring, and the retirement of this surplus, the total cash returned to stockholders in 2016 is $23.2 million.
"This is the 28th consecutive year we've paid a patronage refund. Since 1988, Carolina Farm Credit has declared patronage totaling more than $434 million, $375 million of which has been distributed in cash. The Board is pleased to retire the 2009 series to members. The Association is strong and has positioned itself to weather further economic adversity and continue to be a dependable source of credit to agriculture," said Kim Starnes, 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 carolinafarmcredit.com to learn more about the patronage program and view our 90 second patronage video.
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 9,200 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.
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 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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