Farm Credit of Northwest Florida distributes $2 million dollars in patronage dividends to nearly 850 members, all who primarily live, operate, or own farms in northwest Florida. Paid entirely in cash, this patronage refund is the equivalent of approximately 14 percent of the interest earned on each member’s loan last year.
“We are pleased the Association can return such a significant patronage while still keeping the financial strength of our Association a top priority,” Rick Bitner, President and CEO said. “We are enthusiastic about the success of our members, and when they succeed we succeed.”
Since 1988, Farm Credit of Northwest Florida has paid out over $74 million of patronage refunds or profit-sharing declared by the Board of Directors. This money has not only directly benefited these members but has also flowed back into the local economy.
Board of Directors Chairman, Richard Terry, of Madison, noted, “The Board of Directors is dedicated to consistently paying a solid patronage while maintaining the financial strength of Farm Credit of Northwest Florida. Doing so enhances the mission of the Association, which is to ensure a financially vibrant future for agriculture and related industries, while fulfilling fiduciary responsibilities to our member-owners.”
Farm Credit of Northwest Florida is a $291 million Agriculture Credit Association and is a locally owned and controlled financial cooperative, headquartered in Marianna, and is part of the nationwide Farm Credit System. It loans funds and provides financing expertise to farmers, agribusinesses and rural homeowners for land, homes and farm operations in 18 counties across the Florida Panhandle.