Carolina Farm Credit to issue patronage checks

Member-borrowers of Carolina Farm Credit soon will receive patronage refunds checks for 2007, Michael R. Morton, CEO, announced recently. The amount of patronage to be paid and revolved in the future for borrowers of Carolina Farm Credit will total nearly $18.7 million.  Borrowers will receive a refund of 20 percent of the interest that accrued on their loans in 2007.  A cash refund of $5.6 million will be paid, and the remainder will be placed in allocated capital accounts for future revolvement.

"Carolina Farm Credit had another successful year in 2007. We're pleased to be able to share our success with our borrowers by putting our profits in their pockets," said Tony Ragan, Chairman of the Carolina Farm Credit board.  "This is the twentieth consecutive year we've paid a patronage refund.  In addition, the board of directors plans to retire the allocated surplus we issued in 2002 totaling $10.3 million in the fall of 2008.  Since 1988, Carolina Farm Credit has declared patronage totaling more than $304 million to be paid to its member-borrowers through patronage refunds and retirements of allocated surplus." [News release: Download 2008_patronage_refund_press_release.doc ]