Digital Banking Platform Being Upgraded 4/10 | AgGeorgia Announces Patronage Refunds of Over $15 Million
AgGeorgia Farm Credit Announces Additional 2022 Distribution of $9.4 Million to Borrowers
AgGeorgia Farm Credit is pleased to announce a second distribution of the year to borrowers of the cooperative. $9,419,433 million is being paid to members who held loans with AgGeorgia in 2014, with checks expected to be delivered by the last week of June. This comes after AgGeorgia’s board already declared a cash dividend of over $13 million in April to borrowers who had loans in 2021. The upcoming distribution brings the total paid to member-owners this year to $22,487,515.
“Given soaring input costs, it is a great feeling to know we have helped our members’ cash flows considerably by paying out over $22 million in 2022,” said Jack Bentley, Chairman of AgGeorgia’s Board of Directors.
The June payout consists of surplus revolvement from AgGeorgia’s 2014 Patronage Refunds. Surplus portions were taxable when declared at that time, so no additional income taxes are due on the disbursement. Members with outstanding surplus earned from 2015-2020 will continue to receive surplus checks over the next several years, subject to annual board approval, while AgGeorgia completes its transition to the all-cash patronage plan. Starting with the 2021 refund, patronage refunds are now paid in all-cash rather than a cash/retained surplus split.
2022 marks the 34th consecutive year the cooperative has returned profits to its borrowers, with over $426 million in cash being paid out since 1988.