Cape Fear Farm Credit announces a $15 million cash patronage to be distributed back to their customer-owners. The Association has paid over $240 million dollars in patronage to their customer-owners over the past 30 consecutive years.
A patronage refund is a way of distributing the Association’s profits to its customer-owners. This year’s $15 million patronage is the largest dollar amount patronage distribution in a 30 year history, which will effectively reduce the average interest rate paid by their borrowers by 1.82 percent.
Returning a patronage refund is evidence of Cape Fear Farm Credit’s commitment to their customer-owners and the cooperative principles, which make Farm Credit the most reliable and trusted agricultural lender in the area. The Board and management are committed to keeping the Association financially strong to continue to serve all of agriculture for future generations.