AgGeorgia Farm Credit is making this distribution as part of its Patronage Refund Program. This marks the 29th consecutive year the cooperative has returned profits to its members, with over
“Profit-sharing is really at the heart of the cooperative model,” said AgGeorgia CEO
Often, new members to the cooperative are surprised to receive a check back from their lender, according to AgGeorgia CFO
“Even if they are familiar with cooperatives, most new members are surprised that the refunds are significant relative to their interest paid,” said McCall. “The patronage refund reduces our members' cost of borrowing considerably, this year lowering the average member's stated rate by 1.36 percent. For every dollar of interest expense accrued by our borrowers in our general portfolio in 2016,
AgGeorgia Farm Credit is an agricultural lending cooperative owned by its over 4,000 member-borrowers. It provides farm loans for land, equipment, livestock and production; rural home mortgages; and services such as crop insurance and leasing. It has 20 branches serving 79 counties in
(c)2017 the Athens Banner-Herald (Athens, Ga.)
Visit the Athens Banner-Herald (Athens, Ga.) at www.onlineathens.com
Distributed by Tribune Content Agency, LLC.