SULPHUR SPRINGS, Texas — Legacy Ag Credit, a local ag lending cooperative, announced today that it will pay $2.4 million in cash patronage to its stockholders in April based on its solid 2016 performance. The association reported total assets of $242 million and total loans of $238 million as of year-end 2016.
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 dividends effectively lower the interest rates on customers’ loans by approximately 1 percentage point.
Within the past 12 years, the cooperative has returned over $12 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 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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