Carolina Farm Credit Issues Record Cash Dividend

Carolina Farm Credit Issues Record Cash Dividend

STATESVILLE, NC – Carolina Farm Credit CEO Vance C. Dalton, Jr. is proud to announce that a cash dividend of over $27 million will be distributed to members during April. This distribution represents our cooperative’s sharing of 2020 profits, these returns reduced a customer’s effective interest rate by approximately 1.6% in 2020!

To hear what our Members have to say about the benefits of our Cash Dividend program, check out these great blog posts:
Cash Dividend Checks Are a Bonus to Quality Service
Cash Dividend Check Surprises New Customer

“Carolina Farm Credit had another successful year in 2020. We are pleased to be able to share our success with our borrowers by putting our profits in their pockets,” said David Coltrane, Chairman of the Carolina Farm Credit Board of Directors. Carolina Farm Credit has declared patronage refunds for 33 consecutive years, and since 1988, patronage refunds have totaled $533.2 million.

"When we distribute our profits to our borrowers, it reduces their effective cost of borrowing," Vance C. Dalton, Jr. stated, "and it proves that there are distinct financial benefits in doing business on a cooperative basis."

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 29 branch offices. Appraisal and Leasing services are also available.

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 11,500 members with loans outstanding totaling more than $1.7 billion.  The association’s territory covers the western half of North Carolina, with branch offices located in Albemarle, Asheboro, Asheville, Browns Summit, Burnsville, Carthage, 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; Dan A. Hunsucker, Conover; L. Kim Starnes, Salisbury; Dr. Alton Thompson, Summerfield.