The Capital Farm Credit Board of Directors recently declared a total patronage refund of $126.6 million. Of that, $38.4 million is in cash to be paid to stockholders in March, and $88.2 million is in the form of allocated equities and is eligible for future cash payouts.The refund, based on 2011 earnings, continues a long-standing tradition by the rural lending cooperative of sharing its earnings with its customers. The amount declared by the board represents the return of almost 100 percent of Capital Farm Credit's net earnings from 2011, setting it apart from other financial institutions."Our board of directors and management are committed to returning patronage to our customers and standing by our cooperative principles," said Ben Novosad, chief executive officer. "Capital Farm Credit delivers value to our customers, and sharing our earnings is a tremendous value to them."Capital Farm Credit is the state's largest rural lender and has 95 years of experience providing financing to farmers, ranchers and other rural property owners. Headquartered in Bryan, it has more than 70 offices located throughout Texas. For more information about Capital Farm Credit, its patronage program and its office locations, visit:www.CapitalFarmCredit.com