MidAtlantic Farm Credit announced the distribution of $8.2 million to its customers in December 2013, part of the nonqualified allocated surplus (NQAS) the association issued in 2005. This is in addition to the $10.7 million MidAtlantic Farm Credit distributed to its customers in April, bringing the total patronage distribution to over $18.9 million in 2013.
“We are proud of our financial strength as both a local institution and national system,” says Bob Frazee, CEO of MidAtlantic Farm Credit. “Our patronage program is very unique and directly benefits those who make us successful: our customers. Being able to give almost $19 million dollars to our local, rural economies is a point of pride for us and a sign of our strong commitment to serving agriculture and rural America.”
MidAtlantic Farm Credit is a member-owned cooperative and part of the nation-wide Farm Credit System, serving customers in Delaware, Maryland, Pennsylvania, Virginia, and West Virginia. As a cooperative, MidAtlantic Farm Credit can share a portion of its annual profits with borrowers. At the end of each fiscal year, Farm Credit determines its total income and expenses. Income remaining after all expenses are deducted can then be distributed in accordance with the association’s bylaws. For more information about Farm Credit’s patronage program, please visit https://www.mafc.com/patronage-program.