MidAtlantic Farm Credit announced the additional distribution of over $10.2 million in cash to its members this month. This is in addition to over $25.1 million in cash that was distributed in February and March.
“This additional patronage distribution to our members not only shows the financial strength of our association, but our commitment to our communities and agriculture as a whole,” says Bob Frazee, CEO of MidAtlantic Farm Credit. “We are very proud to be a cooperative lender, which enables us to share our success with our customers.”
MidAtlantic Farm Credit is a part of the nationwide Farm Credit System. Their territory consists of 45 counties throughout Delaware, Maryland, Pennsylvania, Virginia, and West Virginia. As a cooperative system, Farm Credit associations are able to share a portion of their annual profits with their member-borrowers. Each association determines its total income and expenses at the close of each fiscal year. After all expenses are deducted, the income remaining can be distributed in accordance with the association’s bylaws.
During 2015, MidAtlantic Farm Credit distributed a total of over $35.3 million in cash to its members. For more information about Farm Credit’s cooperative structure and patronage program, please visit mafc.com/patronage-program.php.