Farm Credit of New Mexico, ACA, is pleased to announce the distribution of $8.54 million dollars in cash, to be paid to their stockholders as part of the Farm Credit of New Mexico’s Patronage Distribution Program.  The cash will be distributed on or before March 31st, 2009 and is based on each stockholder’s average loan value during 2008. This cash distribution will also lower the borrowing cost for stockholders by approximately .75%.

The Board of Directors established a goal in December, 2007 to pay approximately .50% in cash patronage from earnings generated during calendar year 2008.  Due to the excellent results experienced during 2008, their expectations were exceeded and a cash patronage return of approximately .75% was declared by the Board.  In addition, the earnings not distributed in cash, will be allocated to stockholders through the issuance of nonqualified written notices of allocation.  These allocated, but not distributed patronage refunds are added to Farm Credit of New Mexico’s surplus account and may provide a future basis for a distribution of excess capital.

Al Porter, Farm Credit of New Mexico’s President/CEO stated, “Farm Credit of New Mexico is a cooperative and our stockholders are why we are successful, because of our cooperative structure our stockholders are able to share in our successes. Our Board of Directors and staff thank our stockholders for the loyalty and support.”