AgCarolina Farm Credit Distributed and Celebrated their 2022 Patronage with Members
Greenville, NC - April 20, 2023 - AgCarolina Farm Credit recently celebrated another strong patronage distribution, disbursed directly to its members. The all-cash 2022 patronage distributed over $51.5 million, returning approximately 42% of interest accrued by members in 2022.
“The strength and health of our merged cooperative is reflected as we continue to put our profits back in the pockets of our membership in the form of patronage returns. This strong dividend was recently dispersed across our 46 county territory in our 20 local branches,” said CEO of AgCarolina Farm Credit, Evan Kleinhans. “By distributing our profits to our members, it reduces our members’ effective cost of borrowing from our agriculture and rural lending cooperative. Our 2022 patronage refund equates to an average interest rate reduction of two percent for members, and it further proves the distinct financial benefits of doing business with a local lending cooperative.” For example, if a member has a six percent interest rate, the 2022 patronage distribution on average reduced the member’s interest rate to four percent.
In addition, AgCarolina Farm Credit partnered with Quality Equipment to give away a 2023 John Deere Gator as part of this year’s patronage celebration. Members that participated in local branch celebrations were entered into a drawing to win. Woody Clark and Christine Bartow, members of AgCarolina Farm Credit, were announced the winners.
“As members of AgCarolina Farm Credit, we value the partnership with the local lending cooperative. We appreciate that they not only serve us, as members, but have a commitment to serve rural communities and the agricultural industry,” included Clark. “We were excited to join the patronage celebrations as that patronage check is a gift in itself. We look forward to making trails on our property and enjoying the gator, thank you!”
“AgCarolina Farm Credit and Quality Equipment share our passion for serving agriculture and rural residents” includes Bryan Dobson, CEO of Quality Equipment. “With a similar market and customer base, this partnership was a great way to say thank you to the hard work and support of those within our agricultural communities.”
AgCarolina Farm Credit is honored to serve its members, agriculture and rural communities throughout central, eastern and southeastern North Carolina. The commitment to strong patronage returns is one of the many values of partnering with the local lending cooperative.
About AgCarolina Farm Credit
AgCarolina Farm Credit is a member-owned financial cooperative with headquarters in Greenville, NC. They are the leading provider of credit to full and part-time farmers in central and eastern North Carolina. AgCarolina Farm Credit has over $3 billion in loans and commitments outstanding to nearly 6,000 members across their 46 county territory. Loans are made to finance land, homes, farm buildings, operating expenses, livestock, and equipment, as well as other purposes across their 20 local branch locations. Federally chartered and a part of the national Farm Credit System, AgCarolina Farm Credit is locally owned by their members. AgCarolina Farm Credit helps achieve goals and dreams while strengthening communities. AgCarolina Farm Credit owes their successes to their members and appreciates their support in helping them grow and remain financially strong. Each member has a direct impact on the association’s continued growth and the payment of patronage. Returning a patronage refund is evidence of their commitment to their members and the cooperative principles, which makes AgCarolina Farm Credit the most reliable and trusted agricultural lender in the area. Connect with AgCarolina Farm Credit on Instagram, Facebook, LinkedIn, and YouTube.
Photos available for download: Google Drive
