AgSouth dis­trib­utes record pa­tron­age amount

The Covington News - - Agriculture & Outdoors -

AgSouth Farm Credit CEO William P. Spi­gener Jr. re­cently an­nounced that on March 24, the co­op­er­a­tive dis­trib­uted a record $32.7 mil­lion in pa­tron­age to its mem­bers.

Morethan $9.3 mil­lion of the to­tal pa­tron­age was re­turned in cash, with the re­main­ing $21.7 mil­lion des­ig­nated as al­lo­cated sur­plus.

The pa­tron­age re­turn rep­re­sents nearly 28 per­cent of the to­tal in­ter­est earned to AgSouth for the year end­ing Dec. 31, 2007.

“Since 1991, AgSouth has put more than $315 mil­lion of our prof­its into mem­bers’ pock­ets. The 2007 pa­tron­age we re­turned is nearly 28 per­cent of in­ter­est earned by the as­so­ci­a­tion,” said Spi­gener. “This means that for ev­ery $1 paid in in­ter­est on an AgSouth loan, mem­bers re­ceived 28 cents back. In Fe­bru­ary, the as­so­ci­a­tion re­volved nearly $12 mil­lion in qual­i­fied sur­plus to mem­bers from the 2002 pool.

“This year our cus­tomers have seen more than $21.5 mil­lion dol­lars in cash re­turned to them through the pa­tron­age pro­gram.”

Spi­gener at­tributes the strength of the pa­tron­age pro­gram to the strong fi­nan­cial po­si­tion of the co­op­er­a­tive and the com­mit­ment of the as­so­ci­a­tion’s direc­tors, man­age­ment and staff.

“AgSouth is a strong co­op­er­a­tive, and we’re very pleased to con­tinue the his­tory of pay­ing out a sig­nif­i­cant por­tion of the as­so­ci­a­tion’s prof­its in the form of pa­tron­age re­turns. Year af­ter year we con­tinue to show that it re­ally does pay to do busi­ness on a co­op­er­a­tive ba­sis with AgSouth,” said Chief Fi­nan­cial Of­fi­cer Alisa Gunter.

AgSouth Farm Credit is one of the largest lend­ing co­op­er­a­tives in the South­east.

Head­quar­tered in States­boro, with ad­min­is­tra­tive of­fices in Spar­tan­burg, S.C., and Orange­burg, S. C., the co­op­er­a­tive’s 28 of­fices serve 34 South Carolina and 59 Ge­or­gia coun­ties.

As of Dec. 31, 2007, AgSouth had more than 6,700 mem­bers, $1.6 bil­lion in as­sets and $206 mil­lion in cap­i­tal and al­lo­cated ac­counts.

AgSouth pro­vides loans for real es­tate, agri­cul­ture and rural homes and of­fers leas­ing for au­to­mo­biles, equip­ment, build­ings and com­mer­cial op­er­a­tions.

The as­so­ci­a­tion also makes sec­ondary home loans through its sub­sidiary, AgSouth Mort­gages.

AgSouth Mort­gages pro­vides loans for home pur­chases, home con­struc­tion and re­fi­nances.

For ques­tions about the pa­tron­age pro­gram, con­tact Alisa Gunter at (864) 5856234, ext. 237.

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