Cape Fear Farm Credit declares record patronage of $31 Million
Cape Fear Farm Credit Board of Directors declares a $31 million cash patronage to be distributed back to their customer-owners in early 2022. Including this patronage distribution, the Association will have paid over $331 million dollars in patronage to their customer-owners over the past 34 consecutive years.
As a cooperative, profits are distributed back to its customer-owners, known as a patronage refund. This year’s $31 million patronage is yet another record breaking patronage being the largest dollar amount patronage distribution in a 34-year history, which will effectively reduce the average interest rate paid by their borrowers by approximately 2.76 percent.
“Over the last few years, the Association has been able to pay record breaking patronages during pivotal times for agriculture. This record breaking patronage of $31 million dovetails last year’s record of $25.5 million” states Nash Johnson, Chairman of the Board of Directors. “The last few years have been unique to say the least. 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 in early March,” adds Evan Kleinhans, Chief Executive Officer. “We are passionate about serving our customer-owners and are proud to once again declare a record patronage.”