WESTMINSTER, Md. — MidAtlantic Farm Credit recently announced a record-breaking patronage distribution of over $83 million in cash to its members this month. The Association returned 100 percent of their patronage sourced income, reducing borrowers’ interest rates by nearly 65 percent.
“Our unique cooperative structure sets us apart from other lending institutions and allows our borrowers, as members, to share in the profits of their association through patronage,” says Tom Truitt, Chief Executive Officer of MidAtlantic Farm Credit. “We are proud to distribute a record-breaking amount directly to our members this month, especially given the current economic environment that is affecting America’s producers.”
MidAtlantic Farm Credit is a part of the national Farm Credit System. Their territory covers portions of Delaware, Maryland, Pennsylvania, Virginia, and West Virginia. Farm Credit is a member-owned cooperative, comprised of associations that are able to share a portion of their annual profits with their member-borrowers. Each association determines its total income and expenses at the close of each fiscal year. Once all expenses are deducted, the net income remaining can be distributed in accordance with the association’s bylaws.
“Since 1990, we’ve distributed more than $681 million in cash to our members,” adds Brian Rosati, Chief Financial Officer of MidAtlantic Farm Credit. “Our cooperative structure has served our borrowers for many years, and we are committed to continuing to fulfill our mission.”
In 2021, MidAtlantic Farm Credit distributed over $54 million in cash to its member-borrowers. To learn more about Farm Credit’s patronage program and to calculate your patronage distribution, please visit mafc.com/about/patronage.
–Jenny Kreisher, MidAtlantic Farm Credit
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