Local agricultural lender, MidAtlantic Farm Credit, distributed an additional patronage of $8.25 million in cash to its member-borrowers in September.
WESTMINSTER, MD. (PRWEB) SEPTEMBER 08, 2020
MidAtlantic Farm Credit announced an additional 2019 cash patronage of $8.25 million to its members this month. This additional distribution brings the Association’s total patronage sharing to $38.5 million this year.
“The COVID-19 pandemic has not only changed the way we live and work, but it’s presented all of us with challenges we never would have anticipated,” says Tom Truitt, CEO of MidAtlantic Farm Credit. “Our Board members are facing many of the same challenges our members are, and are making tough decisions every day. One decision they didn’t think twice about, given our Association’s financial strength, was to distribute this additional patronage to our members.”
MidAtlantic Farm Credit, part of the national Farm Credit System, serves customers in Delaware, Maryland, Pennsylvania, Virginia, and West Virginia. As a cooperative, associations within the System can share a portion of their annual profits with their borrower-members.
Each association calculates its total income and expenses at the close of each year. The net income remaining, once all expenses are deducted, can then be distributed in accordance with the association’s bylaws. For more information about Farm Credit’s cooperative structure and patronage program, please visit mafc.com/about/patronage.
About MidAtlantic Farm Credit
MidAtlantic Farm Credit is an agricultural lending cooperative owned by its member‐borrowers. It provides farm loans for land, equipment, livestock and production; crop insurance; and rural home mortgages. The co-op has over 11,800 members and over $2.8 billion in loans outstanding. 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 dependable source of credit to farmers and rural America.