AgGeorgia Farm Credit is pleased to announce a second distribution of the year to borrowers of the cooperative. $9,419,433 million is being paid to members who held loans with AgGeorgia in 2014, with checks expected to be delivered by the last week of June. This comes after AgGeorgia’s board already declared a cash dividend of over $13 million in April to borrowers who had loans in 2021. The upcoming distribution brings the total paid to member-owners this year to $22,487,515.
“Given soaring input costs, it is a great feeling to know we have helped our members’ cash flows considerably by paying out over $22 million in 2022,” said Jack Bentley, Chairman of AgGeorgia’s Board of Directors.
The June payout consists of surplus revolvement from AgGeorgia’s 2014 Patronage Refunds. Surplus portions were taxable when declared at that time, so no additional income taxes are due on the disbursement. Members with outstanding surplus earned from 2015-2020 will continue to receive surplus checks over the next several years, subject to annual board approval, while AgGeorgia completes its transition to the all-cash patronage plan. Starting with the 2021 refund, patronage refunds are now paid in all-cash rather than a cash/retained surplus split.
2022 marks the 34th consecutive year the cooperative has returned profits to its borrowers, with over $426 million in cash being paid out since 1988.
About AgGeorgia Farm Credit
AgGeorgia Farm Credit is an agricultural lending cooperative owned by over 5,000 member-borrowers, with a mission to improve the lives of Georgia’s farmers, families and rural communities. AgGeorgia provides farm loans for land, equipment, livestock and production; rural home mortgages, and services such as crop insurance and leasing. AgGeorgia Farm Credit has 19 branches serving 79 counties in Georgia. It is part of the national Farm Credit System, a network of financial cooperatives established in 1916 to provide a dependable source of credit to farmers and rural America. For more information, visit www.aggeorgia.com.