Advertisement
  • My account
  • Subscribe
  • Contact
Subscribe For $2.50/Month
Print Editions
Pendleton Times
  • Local
  • Obits
  • School
  • Sports
  • Editorial
  • State
  • National
  • eTimes
  • Legals
  • Contact Us
  • My account
  • Subscribe
  • FAQ
  • Login
No Result
View All Result
  • Local
  • Obits
  • School
  • Sports
  • Editorial
  • State
  • National
  • eTimes
  • Legals
  • Contact Us
  • My account
  • Subscribe
  • FAQ
  • Login
No Result
View All Result
Pendleton Times
No Result
View All Result

Farm Credit Pays Dividends to Local Customers

Mountain Media, LLC by Mountain Media, LLC
September 13, 2023
in Local
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

The Moorefield branch of Farm Credit of the Virginias, a customer-owned financial cooperative with more than a 100-year legacy of support for rural communities and agriculture, announced they paid just over $1 million in cash to their customer-owners in the form of a patronage dividend. 

Due to Farm Credit of the Virginias’ cooperative framework, the association returns a portion of its profits back to customer-owners on an annual basis. During 2022, increased input costs, supply chain disruptions and rising interest rates made it difficult for their customer-owners to carry out their goals for the year. Nevertheless, Farm Credit of the Virginias’ financial position remained strong and their board of directors elected to return 70 percent of their net profits to their customer-owners, with the hope that this patronage distribution would allow their customer-owners to feel more confident in navigating the economic headwinds currently impacting the agricultural industry and their rural communities.

The patronage program effectively lowers the cost of borrowing from Farm Credit of the Virginias. This year’s combined $30 million distribution equates to having an interest free loan for three and a half months and represents approximately 30 percent of the interest accrued on loans.

Farm Credit of the Virginias chief executive officer, Brad Cornelius, said, “We’re pleased to be able to share our patronage with our customer-owners, especially in times when returning and reinvesting money in our rural communities is so vital.”

Cornelius continued, “We’re committed to being here for our customer-owners when they need us, and as they need us. Patronage dividends are our way of saying we’re here and we’re going to keep working to make sure that we’re always here, through good times and bad. Patronage is just one of the many benefits of doing business with a customer-owned cooperative.”

To discover the benefits of being a customer-owner, visit the FCV website at www.farmcreditofvirginias.com or call 1-800-919-FARM (3276) to learn more from a local representative. 

The Moorefield branch is located at 550 South Main Street in Moorefield.

 

Sign up for our newsletter.

Enter your email address to receive weekly updates.

You will receive a confirmation email for your subscription. Please check your inbox and spam folder to complete the confirmation process.
Some fields are missing or incorrect!
Lists
Previous Post

Drop the Shovel, Grab the Phone

Next Post

Golf League Awards Presented

Next Post
Golf League Awards Presented

Golf League Awards Presented

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Sign Up To Our Newsletters

  • My account
  • Subscribe
  • Contact

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

  • Login
Forgot Password?
Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.
body::-webkit-scrollbar { width: 7px; } body::-webkit-scrollbar-track { border-radius: 10px; background: #f0f0f0; } body::-webkit-scrollbar-thumb { border-radius: 50px; background: #dfdbdb }
No Result
View All Result
  • Local
  • Obits
  • School
  • Sports
  • Editorial
  • State
  • National
  • eTimes
  • Legals
  • Contact Us
  • My account
  • Subscribe
  • FAQ
  • Login

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.