AgCarolina Financial is pleased to announce the issuance of $6.5 million dollars in cash, to be paid to their member-customers as part of the agricultural credit cooperative’s Patronage Distribution Program.  The checks are due to arrive in early April. 

“The distribution of profits to our loyal members effectively reduces the cost of borrowing money,” states Gene Charville, CEO. “It only makes sense that they will share in the profits.” 

Since 1988, the cooperative has returned more than $155 million to their customers.  Over the last 10 years, these refunds have provided customers with an average annual interest rate reduction of 1.16%. 

Board Chairman Dick Tunnell said, “In spite of the economic downturn affecting much of the financial sector, AgCarolina Financial experienced a profitable year in 2008.” “This marks the twenty-first year that the association has paid a patronage refund which reflects the strength and stability of the association,” he added. 

AgCarolina Financial is a farmer owned financial cooperative with headquarters in Raleigh.  They are the leading provider of credit to farmers in central and eastern North Carolina.  AgCarolina Financial has over $1.2 billion in loans and commitments outstanding to nearly 3000 North Carolina farmers.  Loans are made to finance land, homes, farm buildings, operating expenses, livestock and equipment, as well as other purposes.  Credit life insurance, crop insurance, appraisal services, and leasing are also available through AgCarolina Financial.