World News: 15:05 GMT Tuesday 3rd December 2019. [Capital Farm Credit via Globe Newswire via SPi World News]
Bryan, Texas, Dec. 03, 2019 (GLOBE NEWSWIRE) -- Capital Farm Credit’s Board of Directors recently approved a $38.2 million cash retirement of remaining allocated equities issued in 2011. Borrowers with loans in 2011 began receiving their share of the cash payment in checks mailed recently.
Combined with the $87.5 million cash patronage paid in March of this year, Capital Farm Credit will have returned total cash distributions of more than $125.7 million to our members in 2019.
“Capital Farm Credit is a cooperative, meaning our customers are also owners and share in our profits,” said Ben Novosad, chief executive officer. “The earnings we return through our patronage dividend program help to effectively lower the cost of doing business for the farmers and ranchers we serve."
“We're one of very few Farm Credit associations that truly allocates nearly 100 percent of our earnings to our members. We’re very proud of that distinction,” added Novosad. “Over the past 10 years, we have returned more than 95 percent of our earnings back to our members. That adds up to more than $875 million returned to our members.”
Capital Farm Credit has a long tradition of strong earnings, which accrues to the benefit of our members. We bring value by delivering credit and other financially related services to our members effectively and efficiently. As we return the earnings through our patronage dividend program, we help to strengthen the agricultural economy and rural communities we serve.
“As a borrower-owned cooperative, we are governed by the farmers and ranchers who borrow from us,” added Novosad. “Our patronage dividend program is a unique benefit to our members that sets us apart from other lenders. We’re proud to support rural Texas communities and agriculture with reliable, consistent credit and financial services by providing farmers and ranchers with the capital they need to make their businesses successful.”
Capital Farm Credit has provided financing to Texas farmers, ranchers, rural property owners and agribusinesses for more than 100 years. Headquartered in Bryan, CFC has offices serving most of Texas. For more information about its patronage dividend program, financial services and office locations, visit CapitalFarmCredit.com.
Capital Farm Credit
Globe Newswire: 15:05 GMT Tuesday 3rd December 2019
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