Release date: 9/28/2017
STATESVILLE, NC – Carolina Farm Credit is retiring $12.6 million of member equities in cash, representing 100% of the 2010 series of qualified allocated surplus non-qualified allocated surplus. The Association had also distributed a cash patronage of $14.9 million in April of this year. With cash patronage in the spring, and the retirement of this surplus, the cash returned to stockholders in 2017 totals nearly $27.5 million.
"This is the 29th consecutive year we've paid a patronage refund. Since 1988, Carolina Farm Credit has declared patronage totaling more than $449 million, $403 million of which has been distributed in cash. The Board is pleased to retire the 2010 series to members. The Association is strong and has positioned itself to weather 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 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 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 10,000 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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