Carolina Farm Credit CEO Vance C. Dalton, Jr. announced that a cash dividend of more than $24 million will be distributed to members. This distribution represents the cooperative’s sharing of 2019 profits.
The $24 million being distributed is the largest cash dividend ever returned by Carolina Farm Credit to its member-borrowers.
“Carolina Farm Credit had another successful year in 2019. We are pleased to be able to share our success with our borrowers by putting our profits in their pockets,” said David Coltrane, chairman of the Carolina Farm Credit Board of Directors. Carolina Farm Credit has declared patronage refunds for 32 consecutive years, and since 1988, patronage refunds have totaled $493 million.
“I’m happy to announce we were able to quickly and effectively adjust our plans in response to the COVID-19 pandemic. All cash dividend checks will be delivered by mail to member-borrowers in early April,” Vance C. Dalton, Jr. stated. “When we distribute our profits to our borrowers, it reduces their effective cost of borrowing and it proves that there are distinct financial benefits in doing business on a cooperative basis. This $24 million can certainly help our farm families and rural communities during this challenging time”
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 30 branch offices. Other financial services available are credit life insurance, appraisal services, leasing programs and financial planning.
For more than 100 years, Farm Credit has been supporting rural communities and agriculture with reliable, consistent credit and financial services.
Carolina Farm Credit serves more than 11,000 members with loans outstanding totaling more than $1.6 billion. The association’s territory covers the western half of North Carolina, with branch offices located in Albemarle, Asheboro, Asheville, 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, Wilkesboro, Yadkinville and Yanceyville.