AgCarolina Farm Credit Distributed their 2023 Patronage with Members
AgCarolina Farm Credit returned and celebrated a patronage distribution of $49 million.
AgCarolina Farm Credit recently celebrated another strong patronage distribution, disbursed directly to its members. The all-cash 2023 patronage distributed of $49 million, returned approximately 30% of interest accrued by the member in 2023.
“As your local lending cooperative, the member-elected board is passionate about delivering a strong patronage as it reflects the strength and health of the Association. The opportunity to put our profits back in the pockets of our membership in the form of patronage returns, is a valuable benefit of being a part of your local lending cooperative” said CEO of AgCarolina Farm Credit, Evan Kleinhans. “By distributing our profits to our members, it reduces the effective cost of borrowing in our agriculture and rural lending cooperative. Our 2023 patronage refund equates to an average interest rate reduction of 1.75% for members and it further proves the distinct financial benefits of doing business with a local lending cooperative.”
In addition, AgCarolina Farm Credit partnered with Barnes Equipment to give away a Kubota RTV520 as part of this year’s patronage celebration. Members that participated in local branch celebrations were entered into a drawing to win. Al and Vanessa Murray, members of AgCarolina Farm Credit, were announced the winners.
“As members of AgCarolina Farm Credit, we are thankful and appreciative of their partnership and support of our local farming operation. My loan officer, Eve Honeycutt, and all of the AgCarolina Farm Credit team, are knowledgeable about agriculture and the financial needs of farming operations.” includes Al Murray, AgCarolina Member in Greene County, NC. Murray continues, “The team at AgCarolina Farm Credit is committed to serving rural communities and passionate about agriculture. That is evident in each interaction with their team and all that they do within the community we live.”
AgCarolina Farm Credit is honored to serve its members, agriculture and rural communities throughout central, eastern and southeastern North Carolina. The commitment to strong patronage returns is one of the many values of partnering with the local lending cooperative.