ALABAMA FARM LENDERS RETURN MORE THAN $8 MILLION TO CUSTOMERS
MONTGOMERY, Ala. -- Alabama Ag Credit and Alabama Farm Credit have announced cash patronage to customers totaling more than $8 million.
Alabama Ag Credit, a rural lending cooperative serving central and southern Alabama, recently distributed a $5.1 million cash patronage to its customers. This record amount was based on the co-op's solid 2010 earnings, and was approved by the association's board of directors. The co-op has returned more than more than $35 million in stock reductions, dividends and patronage payments to its borrowers since 1996.
"This all-cash patronage is yet another example of how Alabama Ag Credit is committed to honoring our cooperative principle of sharing our earnings with our borrowers," said Thomas Dozier, chairman of the board of directors. "Sending cash back to those who do business with us, and in turn strengthening our local economies make us all very proud to be a part of Alabama Ag Credit."
Alabama Farm Credit, a rural lending cooperative serving northern Alabama, recently paid a $3.63 million cash patronage to its customers.
This is the 13th consecutive year that Alabama Farm Credit has provided a patronage payment to its stockholders. With this year's distribution, these payments total more than $17.4 million.
"Alabama Farm Credit continues to be a reliable source of financing for agriculture and rural Alabama," said Board Chairman Loyd Rutherford. "Sharing our success with our borrowers is the basic philosophy behind our patronage program, and we are proud to continue the tradition."
As part of the nationwide Farm Credit System, Alabama Farm Credit and Alabama Ag Credit finance farmers, agribusiness firms and rural residents in Alabama.
Alabama Farm Credit is headquartered in Cullman and has offices in Albertville, Athens, Cullman, Talladega and Tuscumbia. Alabama Ag Credit is headquartered in Montgomery and operates offices in Demopolis, Dothan, Enterprise, Loxley, Montgomery, Opelika, Selma and Tuscaloosa.