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Follow on Google News | AgSouth Farm Credit Reports Strong First Quarter EarningsWilliam P. Spigener, Jr. This amount exceeds the first quarter earnings of 2013 by $36,000. The company had record profits in 2013 of nearly $50 million. Spigener states, “We are off to a strong start in 2014 and are hopeful that the remainder of the year will lead to another year of strong earnings for our stockholders. AgSouth’s directors and employees remain focused on meeting the financial needs of farmers, agribusinesses, landowners, and other qualified applicants in our chartered territory.” As a cooperative, AgSouth provides patronage refunds, a form of profit sharing, to its member-borrowers. According to CFO Alisa Gunter, “Since 1991 the Association has returned nearly $384 million in cash to its borrowers, including more than $28 million returned earlier this year.” As of March 31, 2013, AgSouth had more than 8,200 members, $1.54 billion in assets and $294 million in capital and allocated accounts. About AgSouth AgSouth Farm Credit is one of the strongest agricultural lending cooperatives in the Southeast. The Association provides loans for land, equipment and production agriculture; End
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