Farm Credit Retires $1.23 Million
Marianna, FL-With over $6 million in patronage distributions in 2019, Farm Credit of Northwest Florida is starting 2020 off strong with another retirement of 2005 patronage totaling $1.23 Million.
This distribution represents 60% of the cooperative's nonqualified surplus from 2005. 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 earned over $90 million in patronage dividends.
Board chair Cindy Eade, of Marianna, Florida noted "as a member-owned cooperative, we know a little extra capital can make a big difference in your operation-paying for new equipment, operating costs for the upcoming season, payroll and more." "It's rewarding to help customers who want to enjoy a rural lifestyle along with returning a portion of our earnings through the cooperative structure," states Rick Bitner, CEO/President.
Farm Credit of Northwest Florida, part of the Farm Credit system, specializes in financing for agriculture, timber operations and businesses 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 18 counties in the Florida panhandle with offices in Monticello, Tallahassee, Marianna, Milton and Jay, FL.