Bryan, Texas, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Capital Farm Credit’s Board of Directors recently approved a $55 million cash retirement of a portion of the allocated equities issued in 2012. Borrowers with loans in 2012 began receiving their share of the cash payment in checks mailed recently.
Combined with the $88.5 million cash patronage paid in March of this year, Capital Farm Credit will have returned total cash distributions of $143.5 million to our members in 2020.
“Capital Farm Credit is a cooperative, meaning our customers are also owners and share in our profits,” said Ben Novosad, 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.
“We're one of very few Farm Credit associations that truly allocates nearly 100 percent of our earnings to our members. We’re very proud of that distinction,” added Novosad. “Since 2006, our combined cash returned and allocated equities for members is more than $1.75 billion.”
Capital Farm Credit has a long tradition of strong earnings, which accrues to the benefit of our members. We bring value by delivering credit and other financially related services to our members effectively and efficiently. As we return the earnings through our patronage dividend program, we help to strengthen the agricultural economy and rural communities we serve.
“As a borrower-owned cooperative, we are governed by the farmers and ranchers who borrow from us,” added Novosad. “Our patronage dividend program 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 21,500 members, with loans outstanding totaling more than $8 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 https://www.capitalfarmcredit.com/.
CONTACT: Jeff Moder Capital Farm Credit 979.822.3018 Jeff.Moder@capitalfarmcredit.com