MidAtlantic Farm Credit announced the distribution of over $16 million in cash to its members this month. This is in addition to the $4.4 million that was distributed in February.
“Our patronage program is something that not only distinguishes us from other lenders, but it allows us to give back directly to our members and their local communities,” says Tom Truitt, CEO of MidAtlantic Farm Credit. “We’re thrilled to be able to kick-off our centennial year with a total distribution of over $21 million in cash.”
As part of the nation-wide Farm Credit System, MidAtlantic Farm Credit serves customers in Delaware, Maryland, Pennsylvania, Virginia, and West Virginia. Farm Credit is a cooperative, and associations can share a portion of their annual profits with their borrower-members. Each association determines its total income and expenses at the close of each year. The income remaining, once all expenses are deducted, can then be distributed in accordance with the association’s bylaws.
MidAtlantic Farm Credit also distributed over $10.2 million in cash to their member-borrowers in December 2015. For more information about Farm Credit’s patronage program, please visit mafc.com/patronage-program.php.