AgSouth Farm Credit announces $19 million in patronage from 2011 profits

Current and former members of AgSouth Farm Credit in Georgia and South Carolina recently received a collective $19 million in patronage based on its 2011 profits, according to an announcement from the cooperative.

AgSouth Farm Credit is based in Statesboro, Georgia, and provides loans for land, equipment, production agriculture, crop insurance, leasing and home mortgages. The latest round of patronage makes the total allocated surplus consistent with past distributions from the company.

“While distribution of allocated surplus is a board decision, the revolvement of these funds has been on a consistent five-year schedule for the past 25 years,” AgSouth Chief Financial Officer Alisa D. Gunter said in the announcement. “To date, the association has returned more than $452 million in cash and allocated surplus to our members.”

The cooperative plans to announce more returns of patronage later this month based on its 2016 profits.