Southern AgCredit sets new record

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Published: February 23,2010

Tags: agriculture, banking and finance, patronage

FLOWOOD — Southern AgCredit is making a record patronage payment to its customer-owners based on its 2009 financial performance.

Southern AgCredit customers will soon receive a check for their portion of the co-op’s $2.5-million cash patronage, plus a statement detailing their portion of a $4.7-million allocation that is eligible for future cash distribution. The combined $7.2-million patronage is a record for Southern AgCredit.

Joe Hayman, Southern AgCredit CEO, said, “It is always a pleasure to distribute a patronage to our customers, but it is even more significant that we can give back a record level of patronage at a challenging time when there’s a lot of financial uncertainty.”

Southern AgCredit finances all aspects of agriculture and rural property, including loans to agribusinesses. The co-op has $619 million in total assets and provides rural financing in 50 counties in the lower half of Mississippi. It is part of the nationwide Farm Credit System.

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