April 10, 2018
ArborOne Farm Credit, the region’s leading agricultural lender, mailed over $2.5 million in patronage refund checks to its customer-owners over the last week.
Since 1989, ArborOne Farm Credit has paid more than $99.2 million in cash patronage refunds, which represent a portion of ArborOne’s net earnings to eligible customer-owners.
Each eligible customer’s cash-back refund is based on the interest paid during the calendar year, meaning the more business a customer has with ArborOne, the larger their patronage check.
ArborOne Farm Credit is structured as a cooperative and by law, profits made by cooperatives must either be returned to member-owners or reinvested in the company at the end of each fiscal year.
The ArborOne Board of Directors approves each year’s cash-back distribution in December and considers a number of factors in its decision, including the cooperative’s financial performance for the year. This year, the patronage declared represents almost 35 percent of the interest earned on loans during 2017.
“With all of the uncertainties facing the agricultural economy today, ArborOne Farm Credit remains committed to servicing agriculture in the good times and the bad. As a financially strong cooperative, it is with great pride that we can return a portion of our profits to our customer-owners for the 29th straight year,” said Kathy S. Heustess, President and CEO of ArborOne Farm Credit. “We remain in awe of our farmers’ continued resiliency as they strive to feed and clothe our nation and world.”
ArborOne is a proud member of the National 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 finances farm operations, equipment, land, and also makes rural home loans. The cooperative also offers crop and life insurance to its customers.
For more information, visit www.arborone.com or find them on Facebook.
Knowledgeable ag lenders, patronage refunds, friendly service and competitive rates - that's the ArborOne advantage.
We are with you every step of the way throughout the lending process. From small tracts to large tracts, new construction to renovations, lot purchase to recreational properties – ArborOne can do it all.