SIXTH DISTRICT RESIDENTS SHARE IN $2.7 MILLION REFUND

Members of the Farm Credit of the Virginias, ACA board of directors meet with Congressman Goodlatte (VA-6) and present a check symbolic of the patronage refund amount returned to customers in his district. (from left: Joseph Wampler, Congressman Bob Goodlatte, Tom Thacker, Charlie Leech)

Congressman Bob Goodlatte of Virginia’s Sixth District recently met with Farm Credit directors and local farmers as they announced the distribution of a $2,760,000 patronage refund to customers in his district.

Farm Credit, an agricultural lending cooperative, has distributed a total of $13.6 million this spring to farmers and rural residents who use the company’s services across Virginia, West Virginia, and Maryland.  “Farm Credit continues to fulfill its mission by providing dependable financing to farmers and rural residents of the Commonwealth,” said Congressman Goodlatte. “Agriculture is crucial to the Sixth District’s economy and Farm Credit has been the industry’s financial partner for nearly a century.”

Farm Credit of the Virginias is part of the nationwide Farm Credit system of member-owned lending cooperatives serving rural America. Their cooperative structure enables them to return a portion of their income to customers in the form of a patronage refund.

“Farm Credit’s strong financial position has allowed the association to return a portion of our earnings to our customers annually for over a decade,” said Dave Lawrence, Chief Executive Officer of Farm Credit of the Virginias. “Additionally, as our cost of funds has declined, we have been able to restructure loans to offer better interest rates to our customers.”

“The patronage refund is important to the employees at Farm Credit.  They work hard to maximize the dollar amount that the association can return to its shareholders, the farmers and rural residents in their towns and counties,” said Tom Thacker, chairman of the association’s Board of Directors.  “They believe in the mission of being the agricultural lender by which others are judged.”

Our Board of Directors Jumped For Joy When It Announced $10.8 Million in Patronage Refunds!

Farm Credit of the Virginias, ACA board members celebrate the 2011 patronage refund announcement.