ArborOne Farm Credit Pays $6.1 million in Patronage Refunds
Florence, SC (April 5, 2023) – ArborOne Farm Credit’s Board and Management are pleased to announce that the Association was profitable in 2022 and finished the year with strong capital. As a result, the Board of Directors approved the rollout of a spring patronage distribution, returning more than $6.1 million to its customer-owners this March. With the distribution, ArborOne returned back to its loan customers in cash a patronage dividend equal to approximately 20 cents of every dollar of interest accrued in 2022. In addition, crop insurance customers received a patronage dividend based on business they conducted with ArborOne in 2022!
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 $136 million in 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 dividends are 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 cooperative principle. Economic conditions were challenging in 2022, but ArborOne Farm Credit remained profitable and we are excited to pass on a portion of those profits to our borrower-members. ArborOne Farm Credit works hard to support the farmers within our territory through reliable, consistent credit and financial services and we see this patronage distribution as one way of fulfilling our commitment to agriculture.” 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.