AgSouth Farm Credit Distributes $32.4 Million in Profits to Borrowers
STATESBORO, Ga. (March 24, 2018) – AgSouth Farm Credit CEO Pat Calhoun announced that the customer-owned cooperative is distributing $32.4 million in profits from 2017 to its member-borrowers this weekend.
CFO Alisa D. Gunter explains "Thirty percent of the interest earned will be returned to our members in the form of patronage and allocated surplus. Of this $32.4 million, our stockholders will receive checks in the amount of nearly $10 million (30 percent of the total distribution), with the remaining 70 percent, or nearly $23 million, going into an allocated surplus account to be released at a later date at the discretion of the board. AgSouth has historically returned allocated surplus on a five-year revolvement, and this money we hold in reserve allows us to continue to remain strong and better able to serve our members."
The association also returned allocated surplus of more than $19 million from fiscal year 2012 to its members in February, for a total cash distribution to its members this year of nearly $29 million.
AgSouth Farm Credit is one of the strongest agricultural lending cooperatives in the Southeast. The association provides loans for land, equipment and production agriculture; crop insurance; leasing; and home mortgages. The association is headquartered in Statesboro, Ga.