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Farm Credit of Central Florida declares $4 million cash patronage distribution for 2016

Release date: 4/8/2016

Farm Credit of Central Florida declares $4 million cash patronage distribution for 2016

Farm Credit of Central Florida’s Board of Directors recently declared $4 million in patronage dividends to qualified Borrowers of the Lakeland based agricultural lending cooperative.

 “The board understands the critical role Farm Credit plays in sustaining our rural communities and agriculture,” Farm Credit of Central Florida Chairman of the Board, Robbie Roberson, said. “Patronage helps reward members for their loyalty to the association and returns money directly into the communities we serve.”

Every year, the Farm Credit of Central Florida Board of Directors review the cooperative’s financial position and determine the amount of patronage that can be distributed to its members. Since 1988, Farm Credit of Central Florida’s board of directors have declared patronage refunds exceeding $152 million. 

To illustrate how much $152 million is; it would buy enough drip irrigation tape to circle the globe almost five times. It would feed the average family of four for ten years, purchase over 250 thousand iPhone 6’s, or 2,200 John Deere model 6140 tractors, or a dozen Lear Jets!

The $4 million declared patronage can lower a Member’s rate by as much as 0.75%. Eligible Member-Borrowers should receive their checks by early April.

“Cash patronage not only benefits our Members’ wallets, it reduces their overall cost of borrowing and helps them understand the link between their investment in the association and the benefits derived from membership in a cooperative,” Farm Credit of Central Florida President and CEO Reginald Holt, said. “Patronage is a benefit of doing business with a cooperative and we are proud to demonstrate that.”

Farm Credit of Central Florida is a member-owned agricultural lending cooperative serving 13 Central Florida counties, including, Polk, Hillsborough, Pinellas, Citrus, Hernando, Pasco, Sumter, Lake, Seminole, Orange, Osceola, Volusia and Brevard. Part of the nationwide Farm Credit System established in 1916, Farm Credit of Central Florida provides loans, leases and crop insurance to over 1,000 farmers, ranchers, growers and rural homeowners.