AgSouth Farm Credit Reports Strong First Quarter Earnings

 
STATESBORO, Ga. - May 5, 2014 - PRLog -- AgSouth Farm Credit, a customer-owned agricultural lending cooperative, had net earnings of $8.83 million during the first quarter of 2014 according to CEO

William 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; crop insurance; leasing; and home mortgages. The association is headquartered in Statesboro, Ga., with administrative offices in Spartanburg, S.C., and Orangeburg, S.C.

Contact
Rhonda Uzzolino
***@agsouthfc.com
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Tags:AgSouth Farm Credit, First-quarter Earnings, 2014 Earnings
Industry:Agriculture, Financial
Location:Statesboro - Georgia - United States
Subject:Earnings
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