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Local farm lender, MidAtlantic Farm Credit, distributed a record $ 54 million in cash to its member-borrowers this month.
Westminster, MD, April 06, 2021 (GLOBE NEWSWIRE) – MidAtlantic Farm Credit recently announced a record sponsorship distribution of over $ 54 million in cash to its members this month. The Association has repaid more than 73 percent of its patronage income, reducing borrower interest rates by nearly 40 percent.
“As a Farm Credit borrower member, one of the most important financial benefits is sharing the association’s profits with our members through our sponsorship program,” said Tom Truitt, Head of management of MidAtlantic Farm Credit. “We are proud to redistribute a record amount to our customers this month, especially after the challenges we all faced last year. “
MidAtlantic Farm Credit is part of the National Farm Credit System. Their territory covers parts of Delaware, Maryland, Pennsylvania, Virginia, and West Virginia. Crédit Agricole is a cooperative owned by its members, made up of associations that can share part of their annual profits with their member-borrowers. Each association determines the total of its income and expenses at the end of each financial year. Once all expenses are deducted, the remaining net income can be distributed according to the association’s statutes.
“Since 1990, we have distributed over $ 597 million in cash to our members,” adds Brian Rosati, CFO of MidAtlantic Farm Credit. “Our cooperative structure has served our borrowers for many years and will continue to do so in the future. “
In 2020, MidAtlantic Farm Credit distributed over $ 50.8 million in cash to its member borrowers. To learn more about Financement Agricole’s sponsorship program and to calculate your reimbursement, please visit mafc.com/about/patronage.
About MidAtlantic Farm Credit
MidAtlantic Farm Credit is an agricultural credit union owned by its borrowing members. It provides agricultural loans for land, equipment, livestock and production; crop insurance; and rural residential mortgages. The cooperative has over 12,100 members and over $ 2.9 billion in outstanding loans. MidAtlantic has branches serving Delaware, Maryland, Pennsylvania, Virginia, and West Virginia. It is part of the National Farm Credit System, a network of financial cooperatives established in 1916 to provide a reliable source of credit to farmers and rural America.