Farm Credit associations of Florida declare $22.75 million cash patronage distribution for 2019
The three Florida Farm Credit associations’ Board of Directors recently declared $22.75 million in patronage dividends to qualified borrowers of the agricultural lending cooperatives throughout the state.
“Patronage is a powerful benefit of belonging to a cooperative and we’re fortunate that our strong financial position ensures we can continue to provide reliable credit through good and challenging times,” states Rick Bitner, CEO/President Farm Credit of Northwest Florida.
Every year, the associations’ Board of Directors’ review the cooperatives’ financial position and determine the amount of patronage that can be distributed to its members. Since 1988, Farm Credit associations in Florida have declared patronage refunds exceeding $601 million.
“Even during these challenging times, declaring and distributing a record patronage amount speaks volumes for the Board of Directors and their commitment to our member owners” said Rob Teston, Chief Executive Officer of Farm Credit of Florida.
“We are proud to be able to reward our loyal member owners with a return of their profits that serve to reduce their cost of borrowing. Their hard work, innovation and success are the reason we are able to continue serving our farmers, ranchers and rural communities”, said Central Florida CEO Reginald Holt.
Farm Credit associations in Florida are member-owned agricultural lending cooperatives that serve the entire state of Florida. The Florida associations include Farm Credit of Northwest Florida, Farm Credit of Central Florida and Farm Credit of Florida. Part of the nationwide Farm Credit System established in 1916, Farm Credit associations in Florida provide loans, leases and crop insurance to farmers, ranchers, growers and rural homeowners across the state. For more information please visit https://farmcreditflorida.com/