STATESVILLE, NC – Vance C. Dalton, Jr., CEO of Carolina Farm Credit announces that the association recently published its 2018 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 2018 financial performance. Carolina Farm Credit reported net earnings of $39.9 million in 2018. These earnings generated a strong return on assets of 2.55%. Loan volume grew just under 4.49% in 2018.
This marked the 31st consecutive year of patronage refunds, during those 31 years, Carolina Farm Credit has distributed more than $435 million to our borrowers. Members will receive their Cash Dividend checks at customer appreciation events held by each of the 31 Carolina Farm Credit branch offices.
“2018 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 2018 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 $1.5 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, 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.