AgSouth Members Receive Nearly $28 Million in Dividends

Agricultural Lending Giant AgSouth Farm Credit to Return Nearly $28 Million in Dividends to Members in March
 
STATESBORO, Ga. - March 28, 2013 - PRLog -- STATESBORO, GA: AgSouth Farm Credit member/borrowers in 2012 will receive nearly $28 million in patronage distributions this month. The patronage, which is a form of dividend payment, was based on the association’s 2012 year-end earnings.

As one of the largest agricultural lending cooperatives in the Southeast, AgSouth reported record earnings of $42.4 million in 2012. According to CFO Alisa D. Gunter, “To our customers, receiving their checks is like receiving 28 cents back for every dollar they paid in interest during 2012.  More than $8.3 million will be paid to our members in cash, and the remaining $19.5 million will be held in the members’ allocated surplus account to build the association’s capital.”

According to CEO Bill Spigener, “AgSouth is still lending and putting our profits into the pockets of our customers. The association remains financially strong, and credit is available for farmers, agribusiness, landowners and other borrowers.”

Gunter adds that, “The association has returned more than $352 million in patronage distributions to our members over the past 22 years. The economic impact the 2013 patronage distribution will have on the communities we serve is significant, and we will soon post a complete list of counties served and the economic impact of the 2012 patronage distribution on our web site at www.agsouthfc.com.

Board Chairman Arthur Q. Black of York County, South Carolina, said, “AgSouth operates as a true cooperative.  If you are a farmer, agribusiness owner or someone who just lives in a rural community, you need to do business with our association.  No other lender is going to give you back this type of return.”

About AgSouth

AgSouth Farm Credit provides loans for land, equipment and production agriculture; crop insurance; leasing; and home mortgages.  The association, an equal housing lender, has more than 7,240 members and is headquartered in Statesboro, Ga., with administrative offices in Spartanburg, S.C., and Orangeburg, S.C. The cooperative’s 26 branches serve 59 Georgia and 34 South Carolina counties. For more information, visit www.agsouthfc.com.
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Tags:AgSouth Farm Credit, Patronage, Cooperative Lending, $28 Million
Industry:Agriculture, Financial
Location:Statesboro - Georgia - United States
Subject:Reports
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