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Follow on Google News | AgSouth Farm Credit Reports Best Year EverAgSouth's 2010 earning exceed previous year's by $9.7 million and returns nearly $21 million in profits to its customers
By: AgSouth Farm Credit According to Spigener, “While the association’ In 2010, the association also released nearly $21 million to its members in the form of patronage and allocated surplus refunds from 2009 earnings, more than $6 million of that in cash. Additionally, the association released nearly $15 million in allocated surplus from the year ending 2004. According to CFO Alisa D. Gunter, “This payout went directly to the 93 counties we serve in Georgia and South Carolina, bolstering the economy in those areas. We expect another generous payout to our customers in April of this year from our 2010 year-end profits and a revolvement of allocated surplus from fiscal year 2005 of nearly $19 million.” # # # Abouth AgSouth Farm Credit: AgSouth provides loans for agriculture and agriculture- A financial cooperative, AgSouth provides patronage refunds, a form of profit sharing, to its member-borrowers. Since 1991, the association has returned more than $269 million in cash to its borrowers. As of December 31, 2010, AgSouth had more than 7,200 members, $1.64 billion in assets and $247 million in capital and allocated accounts. AgSouth Farm Credit is one of the largest lending cooperatives in the Southeast. The cooperative is headquartered in Statesboro, Ga., with administrative offices in Spartanburg, S.C., and Orangeburg, S.C.; and branches serving 59 Georgia and 34 South Carolina counties. For more information, visit http://www.agsouthfc.com. End
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