AgSouth Farm Credit recently announced that
its net earnings for 2016 were $40.1 million and that approximately $28.5
million would be returned to members through the company’s patronage
distribution program.
“The association remained strong in 2016,
and loan volume grew by approximately 5 percent,” AgSouth Farm Credit CEO
Pat Calhoun said. “We are able to once again announce a healthy return of profits to
our members through our patronage distribution program.”
AgSouth will provide $8.55 million, or about
30 percent of the total distribution, to members in the form of checks, while the
remaining 70 percent, amounting to $19.95 million, will go into an allocated
surplus account that the company’s board of directors will release at its
discretion. Typically, the board releases allocated surplus on a five-year
revolvement.
“Sharing our profits is a core principle of
our cooperative and we are proud to continue the distribution of a portion of
our profits to our members,” Calhoun said. “Our cash
distribution of more than $28.5 million this year will have a significant
economic impact not only for our customers but for the counties we serve as
well as these dollars turn over in the local economy. We are proud to be able
to support our farmers and rural communities in this manner.”
