Farm Credit pays $457,000 in cash dividends to local customers
The Lewisburg branch of Farm Credit, a customer-owned financial cooperative with a 100-year legacy of support for rural communities and agriculture, announced they have paid just over $457,000 in cash to their customer-owners in the form of a patronage dividend.
As a cooperative, Farm Credit distributes a portion of its profits to their customers. Due to excellent earnings for 2015, the Board of Directors approved a cash patronage dividend of $15 million. This brings the total patronage dividend since 2001 to just over $198 million. To learn more about the benefits of cooperative membership and the Farm Credit patronage program visit their website, www.farmcreditofvirginias.com, where you will find a patronage calculator and an informational video.
“We are proud to be one of the few financial institutions that directly rewards its customer-owners for their loyalty and thank them for the business in a very tangible way. The patronage dividend program also helps reduce our customers’ effective cost of borrowing and returns money directly to the communities we serve. Our Board of Directors understand the critical role Farm Credit plays in sustaining our agricultural industry and our rural communities,” remarked Dave Lawrence, CEO of Farm Credit of the Virginias.
The Lewisburg branch is located at 880 North Jefferson Street in Lewisburg.