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AgGeorgia Farm Credit Issues $15 Million Distribution, Celebrating 35 Consecutive Years of Dividends
AgGeorgia Farm Credit is pleased to announce that dividends totaling $15,294,960 have been declared by its board of directors, marking 35 consecutive years that profits have been returned to member-borrowers. The cooperative’s Patronage Refund Program has now paid out over $442 million in cash over that span.
“I am proud of the consistency that this co-op has shown by managing to distribute Patronage Refunds every year since 1988,” said Jack Bentley, Chairman of the AgGeorgia Farm Credit Board of Directors. “AgGeorgia’s track record of issuing dividends has been recognized by our members, who value the reduction in their cost of borrowing.”
Another year of record financial performance made the distribution possible, according to AgGeorgia CEO Rob Crain. “We have an incredible membership and staff, which allowed us to set new highs for total assets, loans, stockholder equity, and asset quality,” noted Mr. Crain. “The result of that strong performance is our ability to push these profits out to member-borrowers, allowing them to grow their farm operations, pay down debt, or invest as they choose.”
The refund, from 2022 earnings, lowers the average member’s stated rate by 1.30%. All of the distribution is in cash, as opposed to 2021 and years prior, when refunds were divided between cash and surplus to be paid years later. Members who have previously signed up for ACH/direct deposit can expect their portion to be deposited the first week of April. Those who have not can expect a check to be mailed that same week.