AgSouth Farm Credit Borrowers to Receive Nearly $48 Million in 2012
STATESBORO, GA, Apr. 9, 2012 - Current and former members of AgSouth Farm Credit will receive nearly $48 million in two separate distributions this spring.
On March 29 the cooperative returned nearly $28 million for the year ending December, 2011. According to CFO Alisa D. Gunter, “To our customers, receiving their check is like receiving 27 cents back for every dollar they paid in interest during 2011. More than $8 million was paid to our members in cash, and the remaining $19.5 million will be held in an allocated surplus account to build the association’s capital. And, while distribution of allocated surplus is a board decision, the revolvement of these funds has been on a consistent five-year schedule for the past 21 years.”
AgSouth’s board of directors took action at its March board meeting to authorize the revolvement of allocated surplus for the year ending December, 2006. This revolvement totals slightly more than $20 million, and checks will be mailed to customers in mid-April.
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, “To date the association has returned more than $324 million in cash to our members. The economic impact the 2012 distributions will have on the communities we serve is significant.”
The association has posted a complete list of counties served and the economic impact of the 2011 patronage distribution and the 2006 allocated surplus revolvement on its Web site at www.agsouthfc.com.
AgSouth Farm Credit provides loans for land, equipment and production agriculture; crop insurance; leasing; and home mortgages. The association 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.