To benefit local agriculture and farmers, Farm Credit of Northwest Florida will share $4 million in profits with its members in 2014 through the cooperative’s patronage refund program.
“The patronage refund is a form of profit sharing that distinguishes Farm Credit from other lenders,” said Board Chairman Richard Terry, a Madison County farmer.
“We’re delighted that the association performed well this past year and that Farm Credit of Northwest Florida customers have the opportunity to share in that success,” said Rick Bitner, president and CEO. “Profit sharing is one of the unique and tangible benefits of doing business with a customer-owned cooperative.”
Since 1988, Farm Credit of Northwest Florida Members have benefited from $74 million in patronage refunds or profit-sharing declared by the cooperative’s board of directors. “We have been and strive to remain a strong and valuable source of funding for agriculture and our rural communities, through the good times and bad,” Bitner said.
“Agriculture is the second largest industry in the state, ranking behind only tourism. Farm Credit of Northwest Florida is proud to provide a stable, reliable source of credit to rural America,” said Richard Terry.
Farm Credit of Northwest Florida is a member-owned financial cooperative headquartered in Marianna. It serves 18 counties throughout the Florida Panhandle.
This article originally appeared on Crestview News Bulletin: Farm Credit of Northwest Florida shares $4 million in profits with members