SULPHUR SPRINGS, Texas — The board of directors of Legacy Ag Credit, a local ag and rural home lending cooperative, recently approved the payment of a $2.3 million cash patronage to its customers. Patronage checks will be mailed to customers in mid-April.
As a cooperative, Legacy Ag Credit keeps only the earnings it needs and returns the remaining surplus to borrowers, who are also co-op members and owners. This year’s patronage effectively lowers the interest rate on an average customer’s loan by approximately 1 percent.
“We are pleased that our co-op has the financial strength to provide this patronage refund to our member-owners,” said Derrell W. Chapman, Legacy Ag Credit chief executive officer. “This year’s distribution is based on 2018 net income of $3.9 million, continued robust asset quality and strong capital levels.”
Over the past 14 years, Legacy has returned over $16.9 million in cash patronage to its member-owners.
Legacy Ag Credit is a part of the Farm Credit System, a nationwide system of cooperatively owned banks and associations. The co-op has been providing farmers, ranchers and rural landowners in Franklin, Gregg, Harrison, Hopkins, Kaufman, Marion, Rains, Upshur, Van Zandt and Wood counties with quality service and a reliable source of credit for more than 100 years.
The co-op’s lending offices are located in Sulphur Springs, Canton, Gilmer, Kaufman and Longview.
–Legacy Ag Credit
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