Cape Fear Farm Credit announces a record patronage of $16 million for 2018. Including this patronage, the Association has paid over $256 million dollars in patronage to their customer-owners over the past 31 consecutive years.
“2018 was a challenging year”, states Gary Hendrix, Chairman of the Cape Fear Farm Credit Board of Directors. “In October of 2018, the board declared, and the Association distributed, an early patronage of $10.67 million to assist with disaster recovery after Hurricane Florence. The early patronage was distributed with the intent to put cash in the hands of our customer-owners quickly during that time of need.”
In April of 2019, the remaining $5.33 million of the 2018 patronage will be distributed to customer-owners to total $16 million. This momentous patronage distribution is reducing the average interest rate paid by the borrowers by 1.92 percent. As a cooperative, a patronage refund is a way of distributing the Association’s profits to its customer-owners.
“Even after a challenging year, declaring and distributing the record patronage amount of $16 million speaks volumes for the Board of Directors and their commitment to our customer-owners” includes Brad Cornelius, CEO of Cape Fear Farm Credit. “Returning a patronage refund is evidence of Cape Fear Farm Credit’s commitment to our customer-owners and the cooperative principles, which makes Farm Credit the most reliable and trusted agricultural lender in the area.”