ArborOne Farm Credit Pays $5.4 million in Patronage Refunds - March 30, 2021
Florence, SC (March 30, 2021) – ArborOne Farm Credit’s Board and Management are pleased to announce that the Association finished 2020 with strong capital. As a result, the Board of Directors approved the rollout of a spring patronage distribution, returning more than $5.4 million to its customer-owners this March. With the distribution, ArborOne returned 22 cents of every dollar of interest accrued in 2020 back to its customers all in cash.
ArborOne Farm Credit’s unique cooperative structure gives it the ability to return some of its profits to its borrowers. Since 1989, ArborOne Farm Credit has paid more than $121 million in cash patronage refunds, which represent a portion of ArborOne’s net earnings, to eligible customer-owners. ArborOne Farm Credit is proud to be able to share its success with its member/borrowers!
“Patronage is a significant benefit of doing business with ArborOne Farm Credit. Our customers share in the Association’s success when we have a good year, which is part of the foundation of a cooperative. Through hard work and determination, ArborOne had a profitable year in 2020, despite its many challenges. And we are delighted to be able to pass on a portion of those profits to our borrowers. This patronage distribution shows that ArborOne Farm Credit continues to stand by its promise to support our customers through the good times and the bad.” Bryant Sansbury, President and CEO
ArborOne is a member of the Farm Credit System and serves the following counties: Chesterfield, Clarendon, Darlington, Dillon, Florence, Georgetown, Horry, Lee, Marion, Marlboro, Sumter and Williamsburg.
Since 1916, Farm Credit has provided a reliable and consistent source of credit for farm families and rural communities. ArborOne Farm Credit finances farm operations, equipment, and land, and it also makes rural home loans. The cooperative also offers crop insurance to its customers.