$10.5 Million In Cash Distributed Into Local Agricultural Economy

Jun 02, 17 $10.5 Million In Cash Distributed Into Local Agricultural Economy

By: Ashley Layson, Senior Vice President Chief Marketing Officer 

Farm Credit of Florida, a borrower-owned lending cooperative, distributed a record $10.5 million in cash patronage to qualified member borrowers Greg Cunningham, Chief Executive Officer, announced.

“When our members do well, we do well and our profits are returned directly into the communities we serve,” said Greg Cunningham, Farm Credit of Florida President and Chief Executive Officer. “Our boards are comprised of local farmers, growers and business professionals and sending the money back into the local economy remains at the forefront of our minds as a cooperative.”FarmCredit-color-logo-B

Based on substantial earnings and capital position, Farm Credit of Florida’s Board of Directors approved the patronage distribution based on 2016 net income. The amount of $10.5 million patronage effectively reduces interest paid by member borrowers.

“The Board of Directors works diligently to return a substantial patronage refund while growing Farm Credit of Florida’s strong financial foundation,” said Bobby Sexton, Chairman, Farm Credit of Florida Board of Directors. “We aim to ensure a financially vibrant future for agriculture and related infrastructure while fulfilling our fiduciary responsibility to our member-borrowers.”

The 2017 patronage return is a direct result significant loan growth in 2016 with total assets reaching $1,076,330 as of December 31, 2016. The amount of patronage distributed in 2017 exceeds the 2016 distribution of $8.5 million cash back to member borrowers.

Farm Credit of Florida is a member-owned agricultural lending cooperative and a member of the nationwide Farm Credit System. Farm Credit of Florida provides loans, leases and crop insurance to over 2,610 farmers, ranchers, growers and rural homeowners across the state with 11 offices serving Florida.

Visit FarmCreditFl.com to learn more about patronage and our cooperative structure.

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