AgSouth Farm Credit Distributes More Than $18 Million in Profits to Members
STATESBORO, Ga. (February 11, 2021) – AgSouth Farm Credit CEO Pat Calhoun reports that the customer-owned cooperative is distributing more than $18 million to its customers this week.
The distribution represents 100 percent of the cooperative’s allocated surplus from 2015 and totals a little over $18 million. An initial cash distribution of nearly $8 million of AgSouth’s 2015 profits were distributed to the cooperative’s members in cash in early 2015.
Calhoun says that, “One of the many benefits of doing business the cooperative way with AgSouth is sharing in our profits. For over 33 years we have been able to provide a strong benefit to our members by distributing allocated surplus to our members on a five year schedule. We are happy to be financially strong enough to provide a significant distribution that we hope will provide a boost to both our customers and the local communities in which they live.”
CFO Bo Fennell adds that, “AgSouth remains financially strong and will be returning another healthy distribution of approximately $40 million to our members from our 2020 profits. Thirty percent, or $12 million, will be distributed as cash this spring, with the remaining $28 million being used to increase our members’ surplus allocation accounts.”
About AgSouth: AgSouth Farm Credit provides loans for land, equipment and production agriculture; crop insurance; leasing; and home mortgages. The Association serves 93 South Carolina and Georgia counties and is headquartered in Statesboro, Ga. AgSouth is an equal housing lender and an equal opportunity provider.