ArborOne distributes $2.7 million in patronage

In the last few weeks, 1463 members of ArborOne Financial learned that they will share in a $2.7 million dollar refund.

This year, after a close review of the association's financial position, ArborOne's Board voted to retire an allocated surplus fund, an amount that is withheld every year from patronage refunds to keep the cooperation operating on a sound financial basis. The payout of the surplus fund to members is an indicator of ArborOne's strength as a South Carolina farm loan leader and the confidence the Board has in the organization. This particular refund, totaling $2.7 million, is in addition to the yearly patronage refunds all members receive, which totaled over $2.3 million in 2007. Cumulative payouts from the South Carolina home loan leader to its members have totaled over $40 million in the last decade.

Jack Shuler, CEO, comments that, "The next time you sit down and write a check to a lending institution, ask yourself, 'How much of this interest payment will the bank return to me?' If your answer is 'none,' then maybe you should consider doing more of your business where you are a stockholder. At ArborOne, you own the bank, and you share the bank's profits." [News release]