Capital Farm Credit announces $50 million patronage distribution to customers
Snyder, Texas — The Capital Farm Credit Board of Directors recently approved a $50 million cash distribution by retiring a portion of previously-allocated equities to be paid this fall. This amount represents more than three times, or $35 million, more than the 2010 retirement. Capital Farm Credit, a customer-owned cooperative, continues to demonstrate its financial strength and stability and longstanding tradition of sharing earnings with its customers. Combined with cash patronage paid earlier this year, Capital Farm Credit has returned record cash distributions, totaling $82 million in 2011. To date, Capital Farm Credit has returned more than $400 million to their customers in capital through its patronage program and stock reductions, reinforcing their commitment to our customers’ financial success. “Our Board of Directors is committed to the cooperative principle of managing our capital for the benefit of our customers,” said Ben Novosad, chief executive officer. “This additional payment, when our customers are facing the worst drought in our history, reinforces our commitment to be the leading value provider for agricultural credit in the state of Texas.” Capital Farm Credit, part of the nationwide Farm Credit System, is the state’s largest rural lender making loans to farmers, ranchers and other rural property owners for 95 years. It is headquartered in Bryan and has offices located throughout the state of Texas. For more information about Capital Farm Credit, its patronage program and its office locations, visit www.CapitalFarmCredit.com.