|Alabama Farm Credit Distributes $4.93 Million to Stockholders|
Alabama Farm Credit, a rural lending cooperative serving northern Alabama, recently paid a $4.93 million cash patronage to its customers. This amount was based on the co-op’s solid 2011 financial results and was approved by the Alabama Farm Credit Board of Directors.
This is the 14th consecutive year Alabama Farm Credit has provided a patronage payment to its stockholders. With this year’s distribution, these payments total more than $22 million.
"We are pleased to announce the return of 2011 earnings in the amount of $4.93 million," said Loyd Rutherford, chairman of the co-op’s member-elected board of directors. "Sharing our success with our borrowers is the basic philosophy behind our patronage program, and we are proud to continue the tradition."
A part of the nationwide Farm Credit System, Alabama Farm Credit finances farmers, agribusiness firms and rural landowners. The co-op is headquartered in Cullman and has offices in Albertville, Athens, Cullman, Talladega and Tuscumbia.