Bryan, Texas, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Capital Farm Credit’s Board of Directors recently approved a $59.7 million cash retirement of the remainder of the allocated equities issued in 2013. The November 17 payout will reach more than 21,000 members of the Association.
Combined with the $108.1 million cash patronage paid in March of this year, Capital Farm Credit will return total cash distributions of $167.8 million to our members in 2022.
“The earnings we return through our cooperative returns program help to effectively lower the cost of doing business for the agricultural producers we serve," said Jeff Norte, chief executive officer. “Our program returns earnings in the form of cash patronage and allocated equities consistently over time, setting us apart from other lenders.”
“We're one of very few Farm Credit associations that truly allocates more than 90 percent of our earnings year after year to our members,” said Sally Lawson, chief financial officer. “Since 2006, we’ve returned more than $2.2 billion in combined cash and allocated equity retirements to our members through our cooperative returns program.”
Capital Farm Credit upholds the same mission since its establishment more than a century ago. The Association’s cooperative returns program effectively lowers the cost of doing business for its farmers, ranchers, and recreational property owners. Together, we help strengthen the agricultural economy and the rural communities we serve.
“We’re proud to support rural Texas communities and agriculture with reliable, consistent credit and financial services,” added Norte. “Supporting farmers and ranchers with the capital they need to make their businesses successful is what we do, and what we will continue to do for future generations.”
About Capital Farm Credit
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 23,000 members, with loans outstanding totaling more than $11 billion. Headquartered in Bryan, Texas, Capital Farm Credit has offices serving 192 of Texas’ 254 counties.
For more information about its financial services, patronage dividend program and office locations, visit CapitalFarmCredit.com.
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