FAYETTEVILLE — Cape Fear Farm Credit announces a record patronage of $16 million for 2018. Including this patronage, the association has paid over $256 million dollars in patronage to their customer-owners over the past 31 consecutive years.

“2018 was a challenging year,” states Gary Hendrix, Chairman of the Cape Fear Farm Credit Board of Directors. “In October of 2018, the board declared, and the Association distributed, an early patronage of $10.67 million to assist with disaster recovery after Hurricane Florence. The early patronage was distributed with the intent to put cash in the hands of our customer-owners quickly during that time of need.”

In April of 2019, the remaining $5.33 million of the 2018 patronage will be distributed to customer-owners to total $16 million. This momentous patronage distribution is reducing the average interest rate paid by the borrowers by 1.92 percent. As a cooperative, a patronage refund is a way of distributing the Association’s profits to its customer-owners.

“Even after a challenging year, declaring and distributing the record patronage amount of $16 million speaks volumes for the Board of Directors and their commitment to our customer-owners” includes Brad Cornelius, CEO of Cape Fear Farm Credit. “Returning a patronage refund is evidence of Cape Fear Farm Credit’s commitment to our customer-owners and the cooperative principles, which makes Farm Credit the most reliable and trusted agricultural lender in the area.”

About Cape Fear Farm Credit

Cape Fear Farm Credit is an agricultural lending cooperative owned by its member-borrowers. It provides loans for land, equipment, livestock and production as well as rural home mortgages and rural living. Cape Fear Farm Credit has branches serving Bladen, Brunswick, Columbus, Cumberland, Duplin, Harnett, Hoke, New Hanover, Pender, Robeson, Sampson, and Scotland counties. It is part of the national Farm Credit System, a network of financial cooperatives established in 1916 to provide a dependable source of credit to farmers and rural America. To locate a branch near you, visit www.capefearfarmcredit.com or call 1-800-368-5819.

Cape Fear Farm Credit announces a record patronage of $16 million in 2018.
https://www.clintonnc.com/wp-content/uploads/2019/02/web1_Patronage-Picture-Header-for-EBlast.jpgCape Fear Farm Credit announces a record patronage of $16 million in 2018.