The Harrisonburg, Verona and Charlottesville branches of Farm Credit of the Virginias have paid out nearly $9 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 profit back to customer-owners on an annual basis. Despite COVID-19 disruptions, the association maintained its’ solid financial standing in 2020, and as a result, the cooperative’s member-elected board of directors voted to issue $40 million in cash dividends to customers this season.
“We’re pleased to be able to once again share our profits with our customer-owners, especially in times when returning and reinvesting money in our rural communities is so important,” Farm Credit of the Virginias CEO Brad Cornelius said.
“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,” Cornelius said.
To discover the benefits of being a customer-owner, visit the association’s website at www.farmcreditofvirginias.com or call 1-800-919-FARM (3276) to learn more from a local representative.
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