October 27, 2020

AgSouth Farm Credit Reports Earnings of $39.9 Million Returns $26 Million to Members

Members Served by the Carrollton Branch Receive $581,463

(Statesboro, GA) — AgSouth Farm Credit CEO Bill Spigener recently announced that the customer-owned cooperative had net earnings of $39.9 million during 2015.

He stated that, “The association remained strong in 2015, and we are able to once again announce a healthy return of profits to our members.”

Members served by the Carrollton branch in Carroll, Douglas, Haralson, and Heard counties received $581,463 of the total amount.

According to a post by North Shore Advisory, AgSouth Regional Vice President Merrill Folsom says, “We’re extremely proud of our patronage program, and especially happy that we’re able to return a significant portion of our profits to our members this year, Farm Credit’s 100th year in business and our 25th straight year of returning profits.”

Chief Financial Officer, Alisa D. Gunter explains, “Twenty-seven percent of the interest earned will be returned to our members in the form of patronage and allocated surplus. Of this $26 million, our stockholders will receive checks in the amount of $8 million (30 percent of the total distribution), with the remaining 70 percent, or $18 million, going into an allocated surplus account to be released at a later date at the discretion of the board. AgSouth has historically returned allocated surplus on a five-year revolvement, and this money we hold in reserve allows us to continue to remain strong and better able to serve our members.”

38809 AgSouth Patronage ad George Carrollton for Heard -page-001Members served by the Carrollton branch in Carroll, Douglas, Haralson, and Heard counties received $581,463 of the total amount.

The association also returned allocated surplus of more than $18 million from fiscal year 2010 to its members, for a total cash distribution in 2016 of nearly $26 million.

Gunter explains that, “for every dollar the association returns to its members, an estimated five to ten dollars is actually spent in the communities we serve through payments for goods and serves to local merchants. For example, a member might purchase a truck through a dealership, the dealership then pays a bonus to its salesman, who has money to purchase his own goods and services. Our cash distribution of nearly $26 million this year will have an economic impact on the counties we serve of an estimated $130 million. We are proud to be able to support our farmers and rural communities in this manner.”

About AgSouth

AgsouthAgSouth Farm Credit is one of the strongest agricultural lending cooperatives in the Southeast. The association provides loans for land, equipment and production agriculture; crop insurance; leasing; and home mortgages.

The association serves 93 South Carolina and Georgia counties and is headquartered in Statesboro, Ga., with administrative offices in Spartanburg, S.C., and Orangeburg, S.C.

For more information regarding AgSouth’s patronage program or its services, call AgSouth CFO Alisa D. Gunter at 864-585-6234 x 6737 or toll-free at 800-310-4805 ext. 6737.

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