Capital Farm Credit (CFC) stockholders will receive an all-time record $65 million cash patronage payment this spring.
The customer-owned lending cooperative continued its track record of strong earnings in 2013, enabling it to maintain its long tradition of returning profits to stockholders through its patronage program. Since 2006, CFC has returned more than $385 million to its stockholders, equating to an effective annual rate reduction of 1.10 percent on an average loan.
CFC “is committed to the cooperative principle of managing our capital, and our business in general, for the benefit of our customers,” said CEO Ben Novosad. “Our ability to return patronage each year sets us apart from other financial institutions. We believe this is a benefit that strengthens customer relations and reinforces our mission to provide financing and related services to support Texas agriculture, while affording our membership lower net borrowing costs.”
CFC has provided financing to Texas farmers, ranchers and rural property owners for nearly a century. Headquartered in Bryan, it has nearly 70 offices spanning most of Texas. PD
—From Capital Farm Credit news release
