Bryan, Texas, Nov. 19, 2020 (GLOBE NEWSWIRE) — Capital Farm Credit’s Board of Directors recently approved the cash redemption of $55 million of a portion of the stock awards issued in 2012. Borrowers with loans in 2012 began to receive their share of the cash payment in recently mailed checks.
Combined with the $88.5 million cash return paid in March of this year, Capital Farm Credit will have returned total cash distributions of $143.5 million to our members in 2020.
“Capital Farm Credit is a cooperative, which means that our clients are also owners and share our profits,” said Ben Novosad, Managing Director. “The revenue we collect through our rebate program effectively helps reduce the cost of doing business for the farmers and ranchers we serve.
“We are one of the few farm credit associations that actually allocates almost 100% of our income to our members. We are very proud of this distinction,” added Novosad. “Since 2006, our combined cash returns and member equity allocations total over $1.75 billion.”
Capital Farm Credit has a long history of strong income, which benefits our members. We add value by providing credit and other financial services to our members effectively and efficiently. By returning revenue through our patronage dividend program, we help strengthen the agricultural economy and the rural communities we serve.
“As a borrower-owned cooperative, we are governed by the farmers and herders who borrow from us,” Novosad added. “Our rebate program is a unique benefit for our members that sets us apart from other lenders. We’re proud to support rural Texas communities and agriculture with reliable and consistent credit and financial services by providing farmers and ranchers with the capital they need to run their businesses successfully.
For over 100 years, Capital Farm Credit has supported rural communities and agriculture with reliable and consistent credit and financial services. Capital Farm Credit is a proud member of the Farm Credit System and serves over 21,500 members, with outstanding loans totaling over $8 billion. Based in Bryan, Texas, Capital Farm Credit has offices serving 192 of Texas’ 254 counties.
For more information on its financial services, rebate program and offices, visit https://www.capitalfarmcredit.com/.