Westminster, MD, April 06, 2021 (GLOBE NEWSWIRE) -- MidAtlantic Farm Credit recently announced a record-breaking patronage distribution of over $54 million in cash to its members this month. The Association returned over 73 percent of their patronage sourced income, reducing borrowers’ interest rates by almost 40 percent.
“As a member-borrower of Farm Credit, one of the most important financial benefits is sharing the profits of the association with our members through our patronage program,” says Tom Truitt, Chief Executive Officer of MidAtlantic Farm Credit. “We are proud to distribute a record-breaking amount back to our customers this month, especially after the challenges we have all faced this past year.”
MidAtlantic Farm Credit is a part of the national Farm Credit System. Their territory covers portions of Delaware, Maryland, Pennsylvania, Virginia, and West Virginia. Farm Credit is a member-owned cooperative, comprised of associations that are able to share a portion of their annual profits with their member-borrowers. Each association determines its total income and expenses at the close of each fiscal year. Once all expenses are deducted, the net income remaining can be distributed in accordance with the association’s bylaws.
“Since 1990, we’ve distributed more than $597 million in cash to our members,” adds Brian Rosati, Chief Financial Officer of MidAtlantic Farm Credit. “Our cooperative structure has served our borrowers for many years, and will continue to in the future.”
In 2020, MidAtlantic Farm Credit distributed over $50.8 million in cash to its member-borrowers. To learn more about Farm Credit’s patronage program and to calculate your refund, please visit mafc.com/about/patronage.
About MidAtlantic Farm Credit
MidAtlantic Farm Credit is an agricultural lending cooperative owned by its member‐borrowers. It provides farm loans for land, equipment, livestock and production; crop insurance; and rural home mortgages. The co-op has more than 12,100 members and over $2.9 billion in loans outstanding. MidAtlantic has branches serving Delaware, Maryland, Pennsylvania, Virginia and West Virginia. It is part of the national Farm Credit System, a network of financial cooperatives established in 1916 to provide a dependable source of credit to farmers and rural America.
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