AgSouth Farm Credit CEO Pat Calhoun announced that the customer-owned cooperative is distributing $10 million in Special Patronage. This is in addition to the $40 million distributed in Patronage earlier in 2021.
As par of its mission to support rural America, officials said AgSouth Farm Credit’s Board of Directors met in June to approve an additional distribution of profits in the form of Special Patronage. The cooperative issued a Special Patronage distribution of $8 million for the first time ever in 2020 in response to the pandemic.
“Our exceptional earnings in 2020, together with our strong capital position, has allowed the Board to make this historic decision to distribute an additional Special Patronage in 2021,” said CEO Pat Calhoun. “In times of uncertainty, we are proud to be able to do this for our member-borrowers. Our Patronage program is one of the biggest benefits of doing business with our cooperative.”
Chairman of the Board Hugh Weathers said, “This special patronage distribution highlights the value of a member-owned Farm Credit association. For over 100 years, Farm Credit has always been there for its membership, and this special distribution of earnings is a timely example of its cooperative spirit.”
Members of the cooperative play a vital role in helping agriculture and rural communities receive reliable credit by doing business with AgSouth, according to a release from the company.
This is done through the profit-sharing Patronage Program voted on by the Board of Directors each year.
AgSouth provides loans for land, equipment and production agriculture; crop insurance; leasing; and home mortgages. The association serves 93 South Carolina and Georgia counties and is headquartered in Statesboro.