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AgSouth Farm Credit Still Strong
AgSouth Farm Credit, an agricultural cooperative headquartered in Statesboro, Georgia, still strong, despite slight loss in profits.
According to Spigener, “The decrease in earnings was the result of unusual circumstances occurring in 2010 that did not reoccur in 2011. The Farm Credit Insurance Corporation issued a refund in 2010 exceeding $1.7 million due to the overfunded status of the insurance plan, which boosted 2010 earnings. Likewise, in the first nine months of 2011, the association increased contributions to the loan loss reserves due to continued economic weakness and the anticipated effects it will have on our portfolio.”
According to CFO Alisa D. Gunter, “The association remains financially strong, and credit is available for farmers, agribusiness, landowners and other borrowers. We are very happy to be celebrating 95 years of serving rural America this year, and plan to be around for a long time.”
As a cooperative, AgSouth provides patronage refunds, a form of profit sharing, to its member-borrowers. Since 1991, the association has returned more than $295 million in cash to its borrowers. As of September 30, 2011, AgSouth had more than 7,400 members, $1.65 billion in assets and $254 million in capital and allocated accounts.
AgSouth Farm Credit provides loans for land, equipment and production agriculture;
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AgSouth Farm Credit offers loans for real estate, agriculture and homes. It also offers additional services such as leasing and crop and life insurance. AgSouth has been commited to serving rural America since 1916.