{"id":471281,"date":"2021-04-06T03:03:16","date_gmt":"2021-04-06T07:03:16","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=471281"},"modified":"2021-04-06T03:03:16","modified_gmt":"2021-04-06T07:03:16","slug":"farm-credit-announces-record-breaking-patronage-distribution-to-members","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/farm-credit-announces-record-breaking-patronage-distribution-to-members\/","title":{"rendered":"Farm Credit Announces Record-Breaking Patronage Distribution to Members"},"content":{"rendered":"

\nLocal agricultural lender, MidAtlantic Farm Credit, distributed a record-breaking $54 million in cash to its member-borrowers this month.
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Westminster, MD, April 06, 2021 (GLOBE NEWSWIRE) — MidAtlantic Farm Credit recently announced a record-breaking patronage distribution of over $54 million in cash to its members this month. The Association returned over 73 percent of their patronage sourced income, reducing borrowers\u2019 interest rates by almost 40 percent.<\/p>\n

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\u201cAs a member-borrower of Farm Credit, one of the most important financial benefits is sharing the profits of the association with our members through our patronage program,\u201d says Tom Truitt, Chief Executive Officer of MidAtlantic Farm Credit. \u201cWe are proud to distribute a record-breaking amount back to our customers this month, especially after the challenges we have all faced this past year.\u201d<\/p>\n

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MidAtlantic Farm Credit is a part of the national Farm Credit System. Their territory covers portions of Delaware, Maryland, Pennsylvania, Virginia, and West Virginia. Farm Credit is a member-owned cooperative, comprised of associations that are able to share a portion of their annual profits with their member-borrowers. Each association determines its total income and expenses at the close of each fiscal year. Once all expenses are deducted, the net income remaining can be distributed in accordance with the association\u2019s bylaws.<\/p>\n

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\u201cSince 1990, we\u2019ve distributed more than $597 million in cash to our members,\u201d adds Brian Rosati, Chief Financial Officer of MidAtlantic Farm Credit. \u201cOur cooperative structure has served our borrowers for many years, and will continue to in the future.\u201d<\/p>\n

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In 2020, MidAtlantic Farm Credit distributed over $50.8 million in cash to its member-borrowers. To learn more about Farm Credit\u2019s patronage program and to calculate your refund, please visit mafc.com\/about\/patronage<\/b><\/a>.<\/p>\n

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About MidAtlantic Farm Credit<\/p>\n

MidAtlantic Farm Credit is an agricultural lending cooperative owned by its member\u2010borrowers.\u00a0 It provides farm loans for land, equipment, livestock and production; crop insurance; and rural home mortgages. The co-op has more than 12,100 members and over $2.9 billion in loans outstanding.\u00a0 MidAtlantic has branches serving Delaware, Maryland, Pennsylvania, Virginia and West Virginia.\u00a0 It is part of the national Farm Credit System, a network of financial cooperatives established in 1916 to provide a dependable source of credit to farmers and rural America.<\/p>\n

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