STATESVILLE, NC – Vance C. Dalton, Jr., CEO of Carolina Farm Credit announces that the association recently published its 2019 annual report. The report’s theme celebrates the charitable giving done by the association and its employees throughout 2019.
The report also discloses Carolina Farm Credit’s 2019 financial performance. Carolina Farm Credit reported net earnings of $38.8million in 2019. These earnings generated a strong return on assets of 2.39%. Loan volume grew 4.73% in 2019.
This marked the 32nd consecutive year of Cash Dividends, during those 32 years, Carolina Farm Credit has distributed more than $493 million to our borrowers. Members will receive their Cash Dividend checks via mail in early April.
“2019 was a strong year for Carolina Farm Credit,” said Carolina Farm Credit CEO, Vance C. Dalton, Jr. “Operating as a cooperative enabled us to return a significant portion of our earnings to our member borrowers to be invested back into their operations and local communities.”
Carolina Farm Credit’s 2019 annual reports were mailed to each stockholder/member at the end of March Visit Carolina Farm Credit’s website to view the report online.
Carolina Farm Credit is a stockholder-owned cooperative providing financing to full and part-time farmers and agricultural-related businesses and also provides financing for the construction and purchase of homes in 54 counties through 30 branch offices. Other financial services available are credit life insurance, appraisal services, leasing programs and financial planning.
For over 100 years, Farm Credit has been supporting rural communities and agriculture with reliable, consistent credit and financial services.
Carolina Farm Credit serves over 11,000 members with loans outstanding totaling more than $1.6 billion. The association’s territory covers the western half of North Carolina, with branch offices located in Albemarle, Asheboro, Asheville, Browns Summit, Burnsville, Carthage, Concord, Conover, Ellerbe, Graham, Hendersonville, Jefferson, Lenoir, Lexington, Lincolnton, Monroe, Murphy, Pilot Mountain, Roxboro, Rural Hall, Salisbury, Shelby, Siler City, Sparta, Spindale, Statesville, Taylorsville, Wilkesboro, Yadkinville, and Yanceyville.
Directors for Carolina Farm Credit are David M. Coltrane, Chairman, Pleasant Garden; Vickie N. Smitherman, Vice-Chair, East Bend; John M. Barnard, Statesville; E. Bernard Beck, Seagrove; W. Rex Bell, Statesville; Mark A. Bray, Lawsonville; Leslie G. Sparks, DVM, Sparta; Joseph A. Lail, Shelby; Clark M. Newlin, Haw River; Thomas E. Porter, Jr., Concord; Eric McPherson, Snow Camp; D. Kaleb Rathbone, Waynesville; Lewis E. Smith, Lincolnton; L. Kim Starnes, Salisbury; Dr. Alton Thompson, Summerfield.