MidAtlantic Farm Credit will be distributing nearly $13 million in cash to its member-borrowers in April in patronage distributions. This is in addition to $6 million that was distributed to their members in February.
“We are proud of our unique cooperative structure, which directly benefits our members and their local communities,” says Tom Truitt, CEO of MidAtlantic Farm Credit. “Being able to distribute close to $19 million in the first quarter of 2017 shows the strong financial position our association is in, and our unwavering commitment to our members.”
MidAtlantic Farm Credit is a part of the national Farm Credit System. Their territory consists of 45 counties throughout Delaware, Maryland, Pennsylvania, Virginia, and West Virginia. Farm Credit is a cooperative, broken into associations that 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.
In 2016, the association distributed over $21 million in cash to its members. For more information about Farm Credit’s cooperative structure and patronage program, please visit mafc.com/about/patronage-program.