MidAtlantic Farm Credit awards borrowers $19.6 million to close a financially successful 2010
Westminster, Md. (January 24, 2011) – MidAtlantic Farm Credit is celebrating a financially robust 2010 by distributing $11.6 million in profit-sharing checks to its member-borrowers. In addition to $8 million distributed earlier, this results in $19.6 million in cash being returned to our members for 2010.
MidAtlantic Farm Credit serves borrowers in Delaware, Maryland, Pennsylvania, Virginia and West Virginia.
“Last year’s performance shows a strong improvement over 2009,” said MidAtlantic Farm Credit President and CEO Bob Frazee. “MidAtlantic Farm Credit has certainly experienced some upward momentum over the past year.”
As a co-op, MidAtlantic Farm Credit shares a portion of its annual profits with borrowers each year. In the past 10 years, MidAtlantic Farm Credit has distributed more than $200 million in dividends. Historically, at least 70 percent of annual profits are returned to member-borrowers.
About MidAtlantic Farm Credit
MidAtlantic Farm Credit is an agricultural lending cooperative owned by its member-borrowers. It provides farm loans for land, equipment, livestock and production; crop insurance; and rural home mortgages. The co-op has 10,200 members and $2.3 billion in loans outstanding. MidAtlantic Farm Credit is part of the national Farm Credit System, a network of financial cooperatives established in 1916 to provide a dependable source of credit to farmers and rural America. For more information, visit www.mafc.com.
Media contact:
Sandy Wieber
Vice President of Marketing
MidAtlantic Farm Credit
410.259.2625
SWieber@MAFC.com
Monday, January 24, 2011
Wednesday, January 5, 2011
For more information contact:
Sandy Wieber, Sr. VP of Marketing
800.333.7950
For Immediate Release
January 5, 2011
(Winchester, VA) MidAtlantic Farm Credit announced today that it is returning more than $2.7 million to stockholders in its Valley region. MidAtlantic’s Valley region consists of Morgan, Berkeley, and Jefferson counties in West Virginia; and Frederick, Clarke, Warren, Shenandoah, and Page counties in Virginia.
“As a cooperative lender, we are committed to two primary missions,” says Thomas Truitt, regional lending manager for the Valley area. “One is to provide a stable source of financing for agriculture and rural homeowners, and the other is to share our profits with our stockholders. We’ve proud that we have been meeting the first mission, even during the financial crisis, and we’re thrilled that we are also able to put literally millions of dollars back into our local community.”
The source of the funds came from three separate pools: the first pool was $639k, which represents the patronage distribution from 2003, put aside while the region was operating as Valley Farm Credit. The second pool was from a retirement of A-Stock (stock held by non-active borrowers), and the third was a lowered stock requirement for current members.
“We’re dedicated to finding a balance between having a strong capital base and returning as much as possible to our borrowers,” says Truitt. “We’re very pleased that our focus on efficiency has allowed us to maintain the proper amount of capital in reserve, and distribute the rest to our stockholder/borrowers.”
Eligible stockholders will receive their checks by the end of the year.
MidAtlantic Farm Credit is one of the largest agricultural lenders on the east coast. They are part of the national Farm Credit System, a cooperative lender with more than 500,000 borrowers and a portfolio of over $160 billion.
Sandy Wieber, Sr. VP of Marketing
800.333.7950
For Immediate Release
January 5, 2011
(Winchester, VA) MidAtlantic Farm Credit announced today that it is returning more than $2.7 million to stockholders in its Valley region. MidAtlantic’s Valley region consists of Morgan, Berkeley, and Jefferson counties in West Virginia; and Frederick, Clarke, Warren, Shenandoah, and Page counties in Virginia.
“As a cooperative lender, we are committed to two primary missions,” says Thomas Truitt, regional lending manager for the Valley area. “One is to provide a stable source of financing for agriculture and rural homeowners, and the other is to share our profits with our stockholders. We’ve proud that we have been meeting the first mission, even during the financial crisis, and we’re thrilled that we are also able to put literally millions of dollars back into our local community.”
The source of the funds came from three separate pools: the first pool was $639k, which represents the patronage distribution from 2003, put aside while the region was operating as Valley Farm Credit. The second pool was from a retirement of A-Stock (stock held by non-active borrowers), and the third was a lowered stock requirement for current members.
“We’re dedicated to finding a balance between having a strong capital base and returning as much as possible to our borrowers,” says Truitt. “We’re very pleased that our focus on efficiency has allowed us to maintain the proper amount of capital in reserve, and distribute the rest to our stockholder/borrowers.”
Eligible stockholders will receive their checks by the end of the year.
MidAtlantic Farm Credit is one of the largest agricultural lenders on the east coast. They are part of the national Farm Credit System, a cooperative lender with more than 500,000 borrowers and a portfolio of over $160 billion.
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