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Monday, April 1, 2013

Strong 2012 Equals Strong Patronage to Customers

FLORENCE – ArborOne Farm Credit, a rural lending cooperative serving the Pee Dee region of South Carolina, has returned a $2 million cash patronage to its customers. This amount was based on the agricultural cooperative’s solid 2012 financial results and was approved by the ArborOne Farm Credit Board of Directors. Customers will receive their checks in early April.

Because ArborOne is a member of the Farm Credit System it operates as a cooperative, its customers share in its ownership – and its earnings. When the lender does well, a portion of its earnings are returned to the borrowers in the form of patronage. Patronage payments reduce the cost of borrowing from ArborOne Farm Credit.

"Patronage is a cornerstone of the cooperative business model, and we are proud to continue the tradition of sharing our profits with our member/owners," said Mickey Ward, chairman of ArborOne’s member elected board of directors. "Since 1991, we’ve returned more than $275 million to our stockholders, $187 million of that has been in cash."

ArborOne Farm Credit is well capitalized and ready to lend to rural America.

ArborOne Farm Credit, a member of the national Farm Credit System, provides dependable credit to farmers, agribusiness owners, rural landowners, and country homeowners in the twelve counties of the Pee Dee region in South Carolina.

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