Cape Fear Farm Credit Announces Patronage
Cape Fear Farm Credit announces an early patronage distribution of $10.67 million to be paid to its customer-owners in October of 2018.
Patronage, the distribution of the Association’s profits to its customer-owners, is typically declared at the end of the fiscal year and is paid to its members in April. However, due to the devastation that Cape Fear Farm Credit’s territory endured during Hurricane Florence, the Board of Directors unanimously approved an early patronage declaration for 2018. By declaring an early patronage, customer-owners will receive patronage based on the first two-thirds of the year in October. 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 would be distributed to its members in April 2019.
“After the devastation of Hurricane Florence, many of our customers are in need of funds now as they begin to make repairs and rebuild. As their partner and local cooperative, it is our mission to consistently give back the Association’s profits to our members” states Brad Cornelius, CEO of Cape Fear Farm Credit.
“This historic and early patronage distribution is a reminder that we weather the storms of life together and we will continue to support each other during the rebuilding process” adds Gary Hendrix, Chairman of the Board of Directors.
Including the declaration of the early patronage, the Association has paid over $250 million in patronage to their customer-owners over the past 31 consecutive years.