AgSouth Farm Credit CEO William P. Spigener, Jr., recently announced that the customer-owned cooperative had record earnings of $34.29 million during 2007, nearly a 10 percent increase over 2006 figures.
According to CFO Alisa D. Gunter, AgSouth estimates a 2007 patronage distribution of approximately 27% of interest earned for 2007. Final figures are pending the year-end audit with the distribution scheduled for late March of 2008. Additionally, in February the association expects to return $12 million in allocated surplus from the year ending December 31, 2002.
Spigener says that since 1991 the association has returned more than $203.6 million in cash to its customers through Farm Credit’s exclusive patronage program. Spigener attributes the strength of the cooperative to the commitment of the association’s customers, directors, management, and staff.
AgSouth Farm Credit is one of the largest lending cooperatives in the southeast. Headquartered in Statesboro, Ga., with administrative offices in Spartanburg, S.C., and Orangeburg, S.C., the cooperative has 28 offices serving 34 South Carolina and 59 Georgia counties. As of December 31, 2007, AgSouth had more than 6,700 members; $1.4 billion in assets; and $216.2 million in capital and allocated accounts.
AgSouth provides loans for agriculture, real estate, and rural homes, and offers leasing for automobiles, equipment, buildings, and commercial operations. The association also makes secondary home loans for home purchases, home construction, and refinances.
For any questions concerning AgSouth’s financial information, please contact Alisa Gunter at (864) 585-6234, ext. 237.