Member-borrowers of AgGeorgia Farm Credit, a farmer-owned cooperative, will receive patronage refund checks this month for 2008, according to President William H. Newberry Jr.
The patronage refund for borrowers of AgGeorgia Farm Credit will total nearly $17.1 million. Thirty percent, or $5.1 million, of the refund was paid in cash. The balance was placed in surplus accounts allocated in the names of individual member-borrowers, to be revolved at the direction of the board at a later date.
“AgGeorgia Farm Credit had another successful year in 2008, and we are pleased to be able to share our success with our borrowers, to put our profits in their pockets,” said Frank Wright, chairman of the AgGeorgia Farm Credit board and a farmer from Talking Rock. “This is the 21st consecutive year we’ve paid a patronage refund.”
Since 1988, AgGeorgia Farm Credit has returned a total of $249 million cash to its member-borrowers through patronage refunds and surplus revolvements.
AgGeorgia Farm Credit has 20 branch offices and serves 79 counties in the state. The Rome office is located at 701 E. Second Ave., Suite B.
