College Station, Texas, Nov. 21, 2024 (GLOBE NEWSWIRE) — Capital Farm Credit’s Board of Directors recently approved a $60 million cash retirement of the allocated equities issued in 2015. Checks are being mailed to cooperative members today, just in time for the upcoming holiday season.
Combined with the $118.8 million cash patronage checks paid to members in March, Capital Farm Credit will return $178.8 million in total cash distributions to its member borrowers this year.
“Capital Farm Credit’s cooperative returns program is unique because we pay cash patronage in the spring and retire allocated equities in the fall. This allows us to share our earnings with our members two times a year,” said Jeff Norte, president and chief executive officer. “It is the cornerstone of Capital Farm Credit and a constant priority for our board of directors.”
Allocating and retiring equities ensures members of the cooperative retain ownership and fully benefit from the association’s earnings.
“The earnings we return through our cooperative returns program help to effectively lower the cost of doing business for the agricultural producers we serve,” said Sally Lawson, chief financial officer. “The strength of our program remains intact and the priority to continue making these returns to our members hasn’t faltered.”
With more than a century of expertise serving agriculture producers and rural property owners, Capital Farm Credit upholds its same mission to provide reliable credit and financial services for the future of agriculture and rural communities.
When members invest in Capital Farm Credit, the agricultural economy of Texas is strengthened.
“Our members become part owners of the cooperative when they borrow from Capital Farm Credit. Our milestones are achieved together, and our successes are shared,” said Norte. “We return the investment our members make in us.”
About Capital Farm Credit
For more than 100 years, Capital Farm Credit has supported rural communities and agriculture with reliable, consistent credit and financial services. Capital Farm Credit is a proud member of the Farm Credit system and serves more than 23,000 members, with loans outstanding totaling more than $12 billion. Headquartered in College Station, Texas, Capital Farm Credit has offices serving 192 of Texas’ 254 counties.
For more information about its financial services, patronage dividend program and office locations, visit CapitalFarmCredit.com.
- Capital Farm Credit returning $60 million in allocated equity to its members