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Thursday, March 26, 2009

Not a bail-out figure...

$1.7 million. No, it’s not a bail-out figure, or the amount of the latest shady deal uncovered. $1.7 million is the amount ArborOne Financial paid in CASH to their member/owners in the March 2009 Patronage distribution.
ArborOne Financial, a proud member of the Farm Credit System, operates as a cooperative and is owned by its customers, or the people who use its services. That’s the cooperative way of doing business. Therefore, the more business you do with ArborOne, the larger your potential patronage refund. This refund represents 20 percent of the interest that accrued on a customer’s loan in 2008. For every $1.00 of interest that accrued on that loan, ArborOne is refunding 20 cents. Forty percent of this patronage refund is paid in cash with the remaining sixty percent placed in a surplus account in each customer’s name.
“It is our goal to operate efficiently and manage risk in a manner that will enable us to return this surplus to our customers in a reasonable time frame,” stated Jack Shuler, President and CEO. ArborOne has been paying patronage refunds for 20 years.
ArborOne Financial specializes in rural and agricultural financing: farm & operational loans, agribusiness, recreational property and rural home loans in the Pee Dee area of South Carolina.
For more information on how you can become a member-owner, call ArborOne Financial at 1.800.741.7332, log on to www.ArborOne.com or visit us at our Florence office located at 800 Woody Jones Blvd or in Conway at 900-C, Suite A, Main Street.
Isn’t it nice to hear about a financial institution giving something back to its customers?