AgSouth Farm Credit Reports Record Earnings for 2013

STATESBORO, Ga. - Feb. 10, 2014 - PRLog -- AgSouth Farm Credit CEO Bill Spigener recently announced that the customer-owned cooperative had record net earnings of $49.9 million during 2013, an increase of $7.6 million over the Association’s $42.4 million in earnings from 2012. Spigener attributes the increase in earnings to a one-time special distribution of patronage from AgFirst Farm Credit Bank. “The 2013 special distribution exceeded our expectation, and these funds along with fee-based income, made 2013 earnings a record.”

At the January meeting of the Board of Directors, Chairman Charles C. Rucks of Spalding County, Georgia, stated that, “2013 ended on a high note with increased earnings and loan growth. We are grateful to our stockholders and customer base who help make this cooperative so successful. We look forward to providing a strong patronage distribution in the spring of 2014 due to these favorable financial results.”

According to CFO Alisa D. Gunter, “The Association remains financially strong, and credit is available for farmers, agribusiness, landowners and other qualified borrowers. AgSouth is dedicated to becoming the lender of choice for eligible borrowers in our territory, and we’re extremely proud of our patronage program. AgSouth has continuously paid a significant return to its member/borrowers since 1991.”

About AgSouth

AgSouth Farm Credit is one of the strongest agricultural lending cooperatives in the Southeast. As of December 31, 2013, AgSouth had more than 8,100 members, $1.59 billion in assets and $285 million in capital and allocated accounts.

AgSouth Farm Creditprovides loans for land, equipment and production agriculture; crop insurance; leasing; and home mortgages.  The association is headquartered in Statesboro, Ga., with administrative offices in Spartanburg, S.C., and Orangeburg, S.C. The cooperative’s 24 branches serve 59 Georgia and 34 South Carolina counties. For more information on AgSouth, contact Lisa Gunter, CFO, at 800-310-4805extension 6737 or email LGunter@AgSouthFC.com.