Bryan, Texas, March 15, 2021 (GLOBE NEWSWIRE) -- Despite the major disruptions caused by the COVID-19 pandemic, Capital Farm Credit once again posted a year of strong financial results in 2020. As a result, the largest agricultural lender in Texas is able to return $98.3 million in cash patronage to its borrowers, with another $117.6 million in earnings allocated to the membership for future disbursement consideration. This total 2020 patronage declaration of $215.9 million continues building on Capital Farm Credit’s strong reputation for returning earnings to its members.
Since 2006, Capital Farm Credit’s combined cash returned and allocated equities for members is almost $2 billion – more than any agricultural lender in the state of Texas.
“When you borrow from Capital Farm Credit, you become one of our owners,” said Ben Novosad, chief executive officer. “That means when our borrower-owned cooperative has earnings, they get their share through our cooperative returns program. We return almost all of our earnings back to our members and believe our patronage dividend program is the strongest in the country. We work hard to ensure we can continue returning profits to our members.”
Capital Farm Credit has a long tradition of strong earnings, which accrues to the benefit of our members. We bring value to our members by delivering credit and other financially related services to them effectively and efficiently. As we return the earnings through our patronage dividend program, we effectively lower the cost of doing business for our farmers, ranchers, and recreational property owners, which helps to strengthen the agricultural economy and rural communities we serve.
“We’re proud to support rural Texas communities and agriculture with reliable, consistent credit and financial services by providing farmers and ranchers with the capital they need to make their businesses successful,” Novosad added. “We know by returning money to our borrowers, it helps to strengthen the rural communities our members call home.”
As a borrower-owned cooperative, our members are also our owners. When Capital Farm Credit is successful, our members are successful. We’re in this together with our members, and together we’re better.
For more than 100 years, Capital Farm Credit has supported rural communities and agriculture with reliable, consistent credit and financial services. Capital Farm Credit is a proud member of the Farm Credit system and serves more than 21,500 members, with loans outstanding totaling more than $8 billion. Headquartered in Bryan, Texas, Capital Farm Credit has offices serving 192 of Texas’ 254 counties. For more information about its patronage dividend program, financial services and office locations, visit CapitalFarmCredit.com.
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