MidAtlantic Farm Credit announced the distribution of over $15 million in cash to its members this month. This is in addition to the approximately $10 million that was distributed in February.
“We are very proud to be able to allocate a second patronage distribution to our member-borrowers this month,” says Bob Frazee, CEO of MidAtlantic Farm Credit. “This not only represents the strength of our association, but it allows us to further support the agriculture industry on a local level. Twenty-five million dollars—in our 45-county territory—makes a real impact on local economies. To be able to have that kind of positive effect, while meeting our mission of financing agriculture and rural America, makes us all very proud.”
MidAtlantic Farm Credit is a part of the nation-wide Farm Credit System, serving customers in Delaware, Maryland, Pennsylvania, Virginia, and West Virginia. As a cooperative, Farm Credit associations can share a portion of their annual profits with their borrower-members. The associations determine its total income and expenses at the close of each fiscal year. Income remaining — after all expenses are deducted — can then be distributed in accordance with the association’s bylaws.
MidAtlantic Farm Credit distributed a total of over $33.7 million in cash directly to its customers during 2014. For more information about Farm Credit’s patronage program, please visit www.mafc.com/patronage-program