Farm credit gives back $600,000 to customers

Friday, July 4, 2008

Click here to enlarge this photo Submitted photo Colonial Farm Credit directors and local farmers J. Allen Swann, left, and Susan Hance-Wells meet with U.S. Rep. Steny H. Hoyer to announce distribution of patronage refunds. E-Mail This Article | Print This Story

U.S. Rep. Steny H. Hoyer (D-Md., 5th) joined Farm Credit directors and local farmers to announce the distribution of this money in his district.

‘‘Farm Credit is a reliable source of funding for agriculture and rural residents in my district. This refund could not come at a better time as expenses rise from increased fuel costs and other factors” said Hoyer in a farm credit press release.

‘‘We are pleased to be able to return this money to our customer-owners. This is another great benefit of doing business with a member-owned cooperative,” said J. Allen Swann, a member of Colonial Farm Credit’s board of directors and a local farmer, in the release.

‘‘In addition, this patronage refund helps reduce our customers’ cost of borrowing by over one percentage point,” said Greg B. Farmer, president and chief executive officer of Colonial Farm Credit, in the release.

Colonial Farm Credit is a customer-owned financial cooperative and member of the nationwide farm credit system. As a cooperative, the organization shares its profits each year with those who use its services. Farm Credit loans funds for home purchases and construction, land and farm purchases, equipment, agriculture-related business and farming expenses, and horse and livestock purchases.