STATESVILLE, NC – Vance C. Dalton, Jr., CEO of Carolina Farm Credit announces that the association recently published its 2017 annual report. The report’s theme celebrates being Farmer Strong within the community. The report highlights branch community service projects, our Pull for Youth Charity Shooting Events, and our Corporate Mission Fund.
The report also discloses Carolina Farm Credit’s 2017 financial performance. Carolina Farm Credit reported net earnings of $43.9 million in 2017. These earnings generated a strong return on assets of 2.92%. Loan volume grew just under 3% in 2017.
Carolina Farm Credit will returned a cash dividend of over $21.5 million in 2017. This marked the 30th consecutive year of patronage refunds. Members will receive these checks at customer appreciation events held by each of the 32 Carolina Farm Credit branch offices.
“2017 was a very good 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 2017 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 32 branch offices. Other financial services available are credit life insurance, appraisal services, leasing programs and financial planning.
For 100 years Farm Credit has been supporting rural communities and agriculture with reliable, consistent credit and financial services.
Carolina Farm Credit serves over 10,000 members with loans outstanding totaling more than $1.4 billion. The association’s territory covers the western half of North Carolina, with branch offices located in Albemarle, Asheboro, Asheville, Boone, 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, Waynesville, Wilkesboro, Yadkinville, and Yanceyville.
Directors for Carolina Farm Credit are W. Rex Bell, Chairman, Statesville, David M. Coltrane, Vice-Chairman, Pleasant Garden; John M. Barnard, Statesville; E. Bernard Beck, Seagrove; Mark A. Bray, Lawsonville; Susie J. Gambill, 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; Vickie N. Smitherman, East Bend; L. Kim Starnes, Salisbury; Dr. Alton Thompson, Summerfield.