Farm Credit of Florida Declares Patronage Payment to Members

WEST PALM BEACH, FLORIDA — Farm Credit of Florida, a leading agricultural financial cooperative serving Florida, recently declared a $5 million cash patronage to its members. This amount was based on the co-op’s strong 2013 financial results and was approved by the Farm Credit of Florida Board of Directors.
“We are very proud to send this significant return to our hard working members,” said Sherwood “Buddy” Johnson, Chairman of the Board of Directors. “These agricultural leaders know our strength and continue to place their trust and faith in the Farm Credit cooperative system. We owe our success to them.”

Sherwood Buddy Johnson.

Outstanding loan volume for Farm Credit of Florida grew to $829 million. Total Assets climbed to $902 million. These strong financial results allowed the Board of Directors to distribute the all-cash patronage payout to our members. This patronage distribution is based on the amount of business a member does with the co-op and lowers the borrowers’ net cost of borrowing.
As a cooperative, Farm Credit of Florida is owned by its members/borrowers. When the co-op performs well, it shares its earnings with the members. Farm Credit is the only agricultural lending institution to offer this incentive.

Greg Cunningham.

“The strength of our association is showcased in many ways: our financial results, our support of the ag community, and our passion for Florida’s farmers and cattlemen. It’s not only what we do, it’s who we are and our patronage program is a shining example of our commitment to those we serve,” said Greg Cunningham, President and Chief Executive Officer.
As one of the largest agricultural lenders in Florida, Farm Credit of Florida’s $829 million portfolio includes many of Florida’s leading agribusiness owners. Headquartered in Royal Palm Beach, the cooperative has offices in Alachua, Arcadia, Homestead, Live Oak, Ocala, Okeechobee, Palatka, West Palm Beach, Trenton, Vero Beach, and Wauchula.

468 ad