Alabamians Who Borrow from Alabama Ag Credit to Receive $9.8 Million
Alabama farmers and rural property owners who borrow money from are receiving a record $9.8 million in cash from the lending cooperative this year. That number equates to nearly one percent of the interest they paid in 2019. Customers of Alabama Ag Credit aren’t just borrowers — they are members and when the co-op does well, so do they.
“The cash patronage we distribute to our members each year shows the strength of this organization. As a true cooperative, it is our goal to give back to our members and continue to help them through the good times and bad. We are proud of the 2019 results and the cash patronage we are able to distribute,” said Larry Gibson, board chairman.
The cooperative’s elected board of directors are farmers themselves and have a deep understanding of the challenges our members face each day. In carefully managing the safety and soundness of the institution, board members also determine how best to distribute the net income our association earns each year, including approving the cash patronage amount. Distributed in March, these cash payments go directly to members who primarily live in the lower 40 counties of Alabama. Since 2006 Alabama Ag Credit has returned nearly $86 million dollars that reach beyond the members and into the communities and economies where that money circulates.
Alabama Ag Credit is a member of the nationwide Farm Credit System and provides financing for farms, timber and forestry operations, agribusinesses, country homes, recreational land, and other rural property in 40 counties in central and south Alabama. The financing cooperative has offices in Demopolis, Dothan, Enterprise, Monroeville, Montgomery, Opelika, Selma, Spanish Fort, and Tuscaloosa. For more information, visit www.AlabamaAgCredit.com.
The financial results discussed here are preliminary and unaudited.