AgSouth Farm Credit Borrowers to Receive Nearly $48 Million in 2012
April 11, 2012
STATESBORO, GA – April 9, 2012 – Current and former members ofAgSouth Farm Credit will receive nearly $48 million in two separatedistributions this spring.
On March 29 the cooperative returned nearly $28 million for the yearending December, 2011. According to CFO Alisa D. Gunter, “To ourcustomers, receiving their check is like receiving 27 cents back forevery dollar they paid in interest during 2011. More than $8 million waspaid to our members in cash, and the remaining $19.5 million will beheld in an allocated surplus account to build the association’s capital.And, while distribution of allocated surplus is a board decision, therevolvement of these funds has been on a consistent five-year schedulefor the past 21 years.”
AgSouth’s board of directors took action at its March board meeting toauthorize the revolvement of allocated surplus for the year endingDecember, 2006. This revolvement totals slightly more than $20 million,and checks will be mailed to customers in mid-April.
According to CEO Bill Spigener, “AgSouth is still lending and puttingour profits into the pockets of our customers. The association remainsfinancially strong, and credit is available for farmers, agribusiness,landowners and other borrowers.”
Gunter adds that, “To date the association has returned more than $324million in cash to our members. The economic impact the 2012distributions will have on the communities we serve is significant.”
The association has posted a complete list of counties served and theeconomic impact of the 2011 patronage distribution and the 2006allocated surplus revolvement on its Web site at www.agsouthfc.com.
About AgSouth
AgSouth Farm Credit provides loans for land, equipment andproduction agriculture; crop insurance; leasing; and home mortgages. The association has more than 7,240 members and is headquartered inStatesboro, Ga., with administrative offices in Spartanburg, S.C., andOrangeburg, S.C. The cooperative’s 26 branches serve 59 Georgia and 34South Carolina counties. For more information, visit www.agsouthfc.com.
