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AgGeorgia Farm Credit Distributing Over $13 Million in Dividends to Members; First Year of “All Cash” Refunds
AgGeorgia Farm Credit has announced that dividends totaling $13,068,082 have been declared by its board of directors, with checks anticipated to be delivered to members’ mailboxes the first week of April. All of the distribution is in cash, as opposed to prior years where refunds were divided between cash and surplus to be paid years later.
“When the decision was made to move to all-cash dividends last year, we certainly couldn’t have contemplated the current inflationary economic landscape,” said CEO Rob Crain. “However, I am certainly glad we made the change. Given the impact elevated input costs have on our members, I am elated that AgGeorgia’s solid financial position affords us the unique opportunity to provide a welcome offset by putting more money in our borrowers’ pockets at a very opportune time.”
“I always enjoy when we issue Patronage Refunds, because it’s the best way we can show our borrowers they truly are the owners of the business,” said Jack Bentley, Chairman of the AgGeorgia Farm Credit Board of Directors. “Our mission is to improve the lives of Georgia’s farmers, families, and rural communities, and our board recognizes that returning profits to our borrowers is key in accomplishing that goal.”
The refund, from 2021 earnings, lowers the average member’s stated rate by 1.30%. This marks the 34th consecutive year the cooperative has returned profits to members through the Patronage Refund Program, with over $417 million in cash being paid out since 1988.