Farm Credit of Northwest Florida Distributes $824,000
Marianna, FL-With over $4 million in patronage distributions in 2020, Farm Credit of Northwest Florida is proud to announce the remaining $824,000 in Nonqualified Allocated Surplus is being distributed in September.
This distribution represents the remaining balance of 2005 Nonqualified Allocated Surplus. As owners of their financial cooperative, Farm Credit of Northwest Florida's customers share in the financial success of the cooperative through patronage dividends. Since the patronage program was first adopted, customer-owners of Farm Credit of Northwest Florida have received over $91 million in patronage dividends.
Board chair Cindy Eade, of Marianna, Florida stated "It's a rewarding experience to see the dedication and persistence of the Farm Credit of Northwest Florida team to be able to retire all previously allocated surplus to our customer-owners in cash." "Our patronage program is a unique benefit of doing business with Farm Credit and reduces a borrower's cost of borrowing. We are proud to serve Northwest Florida's rural communities and agriculture with the credit they need to be successful" states Rick Bitner, CEO/President.
Farm Credit of Northwest Florida, part of the Farm Credit system, specializes in financing for agriculture, timber operations and business related to agriculture. Additionally, Farm Credit specializes in financing for rural land and homes whether for purchases, refinances, improvements or construction. Farm Credit of Northwest Florida serves all 18 counties in the Florida panhandle with offices in Monticello, Tallahassee, Marianna, Milton and Jay, FL. Visit us to learn more about patronage and Farm Credit of Northwest Florida.