Three local branches of Farm Credit of the Virginias, a customer-owned financial cooperative, announced they have paid their customer-owners in the form of a patronage dividend.
The Harrisonburg branch paid $4.7 million, according to FCV, with the Verona branch paying $2.2 million, and the Charlottesville branch paying $1 million.
As a benefit of its customer-owned framework, Farm Credit of the Virginias distributes a portion of its profits to its borrowers on an annual basis. Due to the association’s strong financial performance in 2019, the board voted to issue $35 million in cash dividends across FCV’s entire Virginia, West Virginia and Maryland footprint this season.
Since 2001, FCV has paid more than $318 million in patronage dividends to its customer-owners.
“We’re proud to be one of the few financial institutions that reward our customer for their loyalty in the form of a cash dividend. In addition to offsetting the cost of borrowing, sharing our profits with our customer-owners is our personal and tangible thanks for entrusting us with their business. It is one of the many benefits of borrowing from a cooperative that you own,” said Brad Cornelius, CEO.
“This year, in particular, we were pleased to distribute funds to our customer-owners facing disruptions and financial hardships due to the pandemic. We are committed to being here for agriculture and our rural communities when they need us, in good times and bad. This patronage payment is our way of showing it,” Cornelius said.
To discover the additional benefits of being a customer-owner, visit the FCV website at the following link: www.farmcreditofvirginias.com.
You can also call 1-800-919-FARM (3276) to learn more from a local representative.
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