$10.67 Million in Early Patronage Distributed
Cape Fear Farm Credit distributes an early patronage of $10.67 million to its customer-owners on October 30, 2018.
“We understand that recovering from a natural disaster, such as Hurricane Florence, takes time and resources” states Gary Hendrix, Chairman of Cape Fear Farm Credit Board of Directors. “In order to get funds in our customer-owners hands quickly to assist during the rebuild process, an early patronage was declared by the Board of Directors.”
On Tuesday, October 30, 2019, patronage, the distribution of the Association’s profits to its customer-owners, events were held throughout the territory as customer-owners picked up their early patronage check based on the first two-thirds of 2018. The Board of Directors then plans to declare an additional patronage for the remaining one-third of the year, which upon declaration in late 2018 will be distributed to its members in April 2019.
“Over the past few months, we have seen the devastation our customers have experienced due to Hurricane Florence” adds Brad Cornelius, CEO of Cape Fear Farm Credit. “We understand the agriculture industry holds many risks, including the unpredictability of weather. However, as their lender of choice, we are committed to serving our customers, communities and agriculture. We trust this early patronage will assist during a time of rebuilding.”
Including the declaration of the early patronage, the Association has paid over $250 million dollars in patronage to their customer-owners over the past 31 consecutive years.