Capital Farm Credit stockholders receive $38.4 million in cash
April 10, 2012 at 11:04 a.m.
Updated April 10, 2012 at 11:11 p.m.
Capital Farm Credit mailed a record $38.4 million to its stockholders in March.
It represents the cash portion of the total patronage refund of $126.6 million. The remaining $88.2 million is in the form of allocated equities and is eligible for future cash payouts.
Because of careful management by customers and staff, Capital Farm Credit posted record earnings from 2011, enabling the association to add to a long tradition of strong earnings and patronage. Our ability to return patronage each year strengthens our mission to provide financing and related services to support agriculture and rural America, and affords our membership lower net borrowing costs than from many competitors, according to a news release from Capital Farm Credit.
"Capital Farm Credit values its customers and the more efficiently we operate, the more dollars can go back in their pockets," said Ben Novosad, chief executive officer. "We believe this is a value-added service that sets us apart from other financial institutions."
Capital Farm Credit is the state's largest rural lender and has 95 years of experience providing financing to farmers, ranchers and other rural property owners. Headquartered in Bryan, it has more than 70 offices located throughout Texas. For more information about Capital Farm Credit, visit www.CapitalFarmCredit.com.