Bryan, Texas, Dec. 13, 2021 (GLOBE NEWSWIRE) -- Capital Farm Credit’s Board of Directors recently approved a $60 million cash retirement of the remainder of the allocated equities issued in 2012 and a portion of 2013. The December 10 payout consists of the remaining 2012 allocated equities totaling $41.1 million and $18.9 million of the 2013 earnings.
Combined with the $98.4 million cash patronage paid in March of this year, Capital Farm Credit will return total cash distributions of $158.4 million to our members in 2021.
“Capital Farm Credit is a cooperative, meaning our customers are also owners of our Association and share in our profits,” said Jeff Norte, chief executive officer. “The earnings we return through our patronage dividend program help to effectively lower the cost of doing business for the farmers and ranchers we serve."
Providing strong cooperative returns to our members is a priority for our board and the best demonstration of a partnership that really pays. Our program returns earnings in the form of cash patronage and allocated equities consistently over time, which creates a reliable return to our members and sets us apart from other lenders.
“We're one of very few Farm Credit associations that truly allocates over 90 percent of our earnings year over year to our members,” said Sally Lawson, chief financial officer. “As a local cooperative, we share our profits with the Texans we serve. Since 2006, we’ve returned almost $2 billion in combined cash and allocated equity retirements to our members through our cooperative returns program.”
This long-standing tradition of the Association’s strong earnings accrues to the benefit of its members. As it returns its earnings through its patronage dividend program, Capital Farm Credit helps to strengthen the agricultural economy and rural communities it serves throughout Texas.
“As a borrower-owned cooperative, we are governed by the farmers and ranchers who borrow from us,” added Norte. “Our history of paying a strong patronage dividend year over year is a unique benefit to our members that sets us apart from other lenders. We’re proud to support rural Texas communities and agriculture with reliable, consistent credit and financial services by providing farmers and ranchers with the capital they need to make their businesses successful.”
For more than 100 years, Capital Farm Credit has supported rural communities and agriculture with reliable, consistent credit and financial services. Capital Farm Credit is a proud member of the Farm Credit system and serves more than 22,000 members, with loans outstanding totaling more than $10 billion. Headquartered in Bryan, Texas, Capital Farm Credit has offices serving 192 of Texas’ 254 counties.
For more information about its financial services, cooperative returns program and office locations, visit www.capitalfarmcredit.com.
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