Farm Credit announced an additional patronage distribution of $7.25 million in cash to its members this month. This additional distribution is a portion of the NQAS from 2013 and 2014 and brings the Association’s total patronage distribution to $30.25 million this year.
“The COVID-19 pandemic has forced many challenges on our members and their businesses,” says Tom Truitt, CEO of MidAtlantic Farm Credit. “Because of our unique cooperative structure, our Board members have faced many of the same challenges, and therefore understand the stress our borrowers are under. This additional patronage distribution is a testament to our support during this unprecedented time.”
MidAtlantic Farm Credit, part of the national Farm Credit System, serves customers in Delaware, Maryland, Pennsylvania, Virginia, and West Virginia. As a cooperative, associations within the System can share a portion of their annual profits with their borrower-members.
Each association calculates its total income and expenses at the close of each year. The net income remaining, once all expenses are deducted, can then be distributed in accordance with the association’s bylaws. For more information about Farm Credit’s cooperative structure and patronage program, please visit mafc.com/about/patronage.