Farm Credit of Northwest Florida is returning $3 million to its 916 member-owners through a patronage refund approved by its board of directors. The refund represents 20.86 percent of the interest customers paid on their loans last year.
“Our unique cooperative model allows Farm Credit of Northwest Florida to return profits to its members – something no other financial institution in our area does,” said President and CEO Rick Bitner. “We are pleased to be able to offer a substantial refund again this year. This is money that goes directly back into the Northwest Florida community when our customers buy a new truck, build a barn or install a fence.”
Since 1988, Farm Credit of Northwest Florida has returned more than $79 million in patronage refunds to its member-owners.
“Farm Credit has been lending assistance to farmers and rural communities for 100 years,” said Board Chairman Richard Terry. “Our board of directors, as well as many of our management and other employees, are farmers, too. They have experience and expertise that allows them to understand the unique business needs and challenges faced by our customers. We know that every dollar counts, and we’re proud to be a financial institution that our communities can count on – in good times and bad.”