Local farmers are benefitting from a Farm Credit of Northwest Florida patronage refund program that returned more than $3.5 million in profits to members this summer. “Our cooperative structure makes it possible for us to impact our agricultural community in a significant and meaningful way,” said Board Chairman Richard Terry, who also is a row crop farmer in Madison County. “This unique, long-standing program is a big part of what distinguishes Farm Credit from other lenders.” Farm Credit of Northwest Florida’s board of directors has voted to return a total of more than $5.5 million to its members this year, combined with an additional patronage payout. A total of more than $76 million has been returned to customers since 1988. “We’re delighted that the cooperative has continued to perform well year after year and that we have had the opportunity to share that success with our customers,” President and CEO Ricky Bitner said. “This kind of profit sharing makes our community stronger and provides a big boost to the farmers we rely on every day to put food on the tables of families throughout Northwest Florida.” “Agriculture is the second-largest industry in the state, behind only tourism. We are proud to be a part of the success of this vital industry,” Terry said. “We stand behind farmers, providing a reliable source of funding to the rural communities we serve, through the good times and the bad.”
About Farm Credit of Northwest Florida
Farm Credit of Northwest Florida is a member-owned financial cooperative headquartered in Marianna, Fl., that serves 18 counties throughout the Florida panhandle. Farm Credit offers highly competitive credit to meet the financing needs of farmers, agribusinesses, rural landowners and homeowners. For more information about the types of financing available or how cooperative lenders share their profits with borrowers, go to www.farmcredit-fl.com.
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1. Photo Submitted. Douglas Walker of Jefferson County (right) and Board Chairman Richard Terry (left) hold a check for $3.5 million that goes back to FCNWFL Shareholders.