Cape Fear Farm Credit declares record patronage of $25.5 Million
Cape Fear Farm Credit Board of Directors declares a $25.5 million cash patronage to be distributed back to their customer-owners in early 2021. Including this patronage distribution, the Association will have paid over $300 million dollars in patronage to their customer-owners over the past 33 consecutive years.
As a cooperative, profits are distributed back to its customer-owners, known as a patronage refund. This year’s $25.5 million patronage is the largest dollar amount patronage distribution in a 33-year history, which will effectively reduce the average interest rate paid by their borrowers by approximately 2.46 percent.
“This record breaking patronage of $25.5 million comes at a pivotal time for the agricultural industry and dovetails last year’s patronage of $20 million” states Jon Pope, Chairman of the Board of Directors. “2020 was a unique year to say the least, but having the ability to deliver such strong levels of patronage is a reinforcement of the value our cooperative delivers to agriculture and the rural communities we serve.”
Cape Fear Farm Credit’s Board and Management team remains committed to keeping the Association financially strong and well positioned to continue to serve all of agriculture for generations to come.
“The Association continues to perform well and we are eager to return this record patronage dividend to our customer-owners as soon as possible” adds Evan Kleinhans, Chief Executive Officer. “We are passionate about serving our customer-owners and are proud to once again declare a record patronage.”