MidAtlantic Farm Credit announced the distribution of approximately $10 million cash to its customers this month. The monies are from the revolvement of nonqualified allocated surplus (NQAS) issued in 2006. This is the first profit distribution in 2015 for the association: Over the course of 2014, MidAtlantic Farm Credit distributed a total of over $33.7 million in cash directly to its customers.
Part of the nation-wide Farm Credit System, MidAtlantic Farm Credit serves customers in Delaware, Maryland, Pennsylvania, Virginia, and West Virginia. As a cooperative, MidAtlantic Farm Credit can share a portion of its annual profits with their borrower-members. The association determines 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.
“Our patronage program is one of the many ways we support the agriculture community as a whole,” says Bob Frazee, CEO of MidAtlantic Farm Credit. “Having the ability to give back to our customers and our local communities is something we are very proud of and we look forward to continuing. It’s always exceptionally rewarding to be able to make a special patronage distribution, as it shows the financial stability of the association.”
The cooperative plans to make a scheduled distribution in late March, in addition to the monies revolved last week.
For more information about Farm Credit’s patronage program, please visit www.mafc.com/patronage-program.php.