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.
