MidAtlantic Farm Credit awards borrowers $19.6 million to close a financially successful 2010
Westminster, Md. (January 24, 2011) – MidAtlantic Farm Credit is celebrating a financially robust 2010 by distributing $11.6 million in profit-sharing checks to its member-borrowers. In addition to $8 million distributed earlier, this results in $19.6 million in cash being returned to our members for 2010.
MidAtlantic Farm Credit serves borrowers in Delaware, Maryland, Pennsylvania, Virginia and West Virginia.
“Last year’s performance shows a strong improvement over 2009,” said MidAtlantic Farm Credit President and CEO Bob Frazee. “MidAtlantic Farm Credit has certainly experienced some upward momentum over the past year.”
As a co-op, MidAtlantic Farm Credit shares a portion of its annual profits with borrowers each year. In the past 10 years, MidAtlantic Farm Credit has distributed more than $200 million in dividends. Historically, at least 70 percent of annual profits are returned to member-borrowers.
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 10,200 members and $2.3 billion in loans outstanding. MidAtlantic Farm Credit 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. For more information, visit www.mafc.com.
Vice President of Marketing
MidAtlantic Farm Credit