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August 05, 2016
Borrowers who have teamed up with Farm Credit of the Virginias to tackle their lending needs are getting a healthy dividend check. Through a unique and growing patronage refund program, Farm Credit of the Virginias has refunded customer-owners the equivalent of two months of interest earned on their loans in 2015.
Ninth District Representative Morgan Griffith, met recently with local farmers and Farm Credit employees to recognize the agricultural lender Farm Credit for returning over $1.9 million to residents of his district. “Our farms and farmers are facing a variety of political, economic, and environmental issues,” said Rep. Griffith. “I congratulate Farm Credit on their 100 years of providing support to our rural communities and sharing the organization’s success with them.”
“We are pleased that we have the ability as a cooperative with a 100-year legacy to support and strengthen the position of the American farmer and other agricultural businesses that this nation depends on for nourishing its families. Our Board of Directors understand the critical role Farm Credit plays in sustaining our agricultural industry and our rural communities. We are owned by the farmers and agribusinesses that we serve, and paying patronage is an important part of the value we deliver. Since 2001, Farm Credit of the Virginias has paid more than $198 million in patronage dividends to its customer-owners,” remarked Dave Lawrence, CEO of Farm Credit of the Virginias.
Farm Credit of the Virginias provides over $1.8 billion dollars in financing to more than 10,000 farmers, agribusinesses and rural homeowners throughout Virginia, West Virginia and western Maryland. Farm Credit is a cooperative capitalized largely through investments made by farmers, ranchers and the rural homeowners and businesses that borrow from them. In fact, as part of a nationwide network they are the largest single provider of agricultural credit in the United States and have been for 100 years. Farm Credit helps maintain and improve the quality of life in rural America and on the farm through its constant commitment to competitive lending, expert financial services and for facilitating and sharing knowledge and resources through the Farm Credit Knowledge Center. For more information, visit www.FarmCreditKnowledgeCenter.com or www.FarmCreditofVirginias.com.
The Leader includes customer-owner feature stories, financial reports, local ag news and more.