AgGe­or­gia Farm Credit to Dis­trib­ute Over $13 Mil­lion to Mem­ber­ship

The Standard Journal - - LOCAL - Staff re­ports

AgGe­or­gia Farm Credit an­nounced that dividends to­tal­ing $13,572,002 have been de­clared by its Board of Di­rec­tors, with re­ceipt by mem­bers an­tic­i­pated the first week of April.

Over $272,000 of this to­tal is go­ing to mem­bers in Polk County and the coun­ties bor­der­ing.

“With so many of our mem­bers still re­cov­er­ing from the weather events of last year, it is a great plea­sure for our board and staff to be able to re­turn our prof­its to our mem­ber­ship,” said AgGe­or­gia CEO Jack Drew.

This marks the 31st con­sec­u­tive year the co­op­er­a­tive has re­turned prof­its to its mem­bers through its Pa­tron­age Re­fund Pro­gram, with nearly $365 mil­lion in cash be­ing paid out since 1988. The re­fund, from 2018 earn­ings, con­sists of more than $4 mil­lion in cash and over $9.5 mil­lion in al­lo­cated sur­plus, with the sur­plus por­tion to be used to main­tain the cap­i­tal po­si­tion of the co­op­er­a­tive and re­turned to mem­bers at a later date.

“The pa­tron­age re­fund re­duces our mem­bers’ cost of bor­row­ing con­sid­er­ably, this year low­er­ing the av­er­age mem­ber’s stated rate by 1.47%,” said AgGe­or­gia’s CFO Carrie McCall. “For ev­ery dollar of in­ter­est ex­pense ac­crued by our bor­row­ers in our gen­eral port­fo­lio in 2018, 25 cents is be­ing paid back to them.”

AgGe­or­gia Farm Credit is an agri­cul­tural lend­ing co­op­er­a­tive owned by over 4,500 mem­ber-bor­row­ers, proud to have been help­ing Georgia grow for gen­er­a­tions.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.