GREENVILLE, NC — AgCarolina Farm Credit has announced the distribution of their 2023 patronage distribution to members in early April 2024. The all-cash patronage being paid is $49 million. This patronage is distributed directly to the members of AgCarolina Farm Credit. The amount equates to returning an approximate 30% of accrued interest on member loans in 2023.
“As your local lending cooperative, an important benefit is the ability to distribute patronage back to our members as it reflects the strength and health of the Association,” said Evan Kleinhans, CEO of AgCarolina Farm Credit. “Each year, the member elected Board of Directors strategically review and determine the amount of profits to be distributed back to our members across our 46 county territory in our 20 local branch offices.”
“By distributing our profits to our members, it reduces the effective cost of borrowing in our agriculture and rural lending cooperative. Our 2023 patronage refund equates to an average interest rate reduction of approximately 1.75% for members,” Kleinhans stated, “and it further proves the distinct financial benefits of doing business with a cooperative.”
AgCarolina Farm Credit is a member-owned financial cooperative with headquarters in Greenville, NC. They are the leading provider of credit to full and part-time farmers in central and eastern North Carolina. AgCarolina Farm Credit has over $3 billion in loans and commitments outstanding to nearly 6,000 members across their 46 county territory. Loans are made to finance land, homes, farm buildings, operating expenses, livestock, and equipment, as well as other purposes across our 20 local branch locations.
