Capital Farm Credit, the state’s largest rural lender, recently distributed $17.1 million in cash to its customer-owners and allocated another $39.9 million eligible for future cash payouts, based on its 2009 net earnings.
Capital Farm Credit was pleased to pay this patronage particularly after a year that provided more than its share of challenges for lenders and their customers.
"We take pride in the fact that our capital position and efficient operations allow us to make this distribution, even in an economic environment in which many other financial institutions have ceased to pay dividends," said Ben Novosad, Capital Farm Credit chief executive officer. "This distribution demonstrates our financial strength and commitment to our membership."
Capital Farm Credit has a long history of paying patronage to its customer-owners. Since 1997, Capital Farm Credit has distributed more than $300 million in capital through its patronage program and stock reductions.
As part of the nationwide Farm Credit System, Capital Farm Credit has been providing rural financing for more than 90 years. Capital Farm Credit is headquartered in Bryan, Texas, and has offices throughout the state. For more information about Capital Farm Credit and its patronage program, please log on to www.CapitalFarmCredit.com.