MONTGOMERY, Ala., — Alabama farmers and rural property owners who borrow money from Alabama Ag Credit aren’t just borrowers — they own the lending cooperative. That means that when the co-op does well, they share in its success. And for Alabama Ag Credit, 2017 was a very successful year.
Based on its successful financial results last year, Alabama Ag Credit recently returned over half of the association’s profits, a record $8.5 million in patronage to its borrower-stockholders. The amount was approved by the cooperative’s board of directors.
“We are proud of Alabama Ag Credit’s continued strong financial results and the opportunity to give back to agriculture and rural Alabama,” said James L. Bassett, board chairman.
Cash-back payments like this benefit the association’s borrower-stockholders, their families and their local communities where that money is circulated. They also lower the overall cost of borrowing from the cooperative. Since 2006, Alabama Ag Credit has returned more than $67 million in distributions to its borrowers.
Alabama Ag Credit is a member of the nationwide Farm Credit System and provides financing for farms, timber and forestry operations, agribusinesses, country homes, recreational land and other rural property in 40 counties in southern Alabama. The financing cooperative has offices in Demopolis, Dothan, Enterprise, Monroeville, Montgomery, Opelika, Selma, Spanish Fort and Tuscaloosa. For more information, visit : www.AlabamaAgCredit.com
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