AgGeorgia Farm Credit Issuing $14 Million Refund to Borrowers

AgGeorgia Farm Credit is pleased to announce that dividends totaling $14,482,000 have been declared by its board of directors, marking 36 consecutive years that profits have been returned to member-borrowers. AgGeorgia’s Patronage Refund Program has now paid out over $464 million in cash over that span.

The cooperative broke records in 2023 in multiple financial performance categories. “Our remarkable membership and staff did it again, with new highs for total assets, loans, stockholder equity, and asset quality,” noted AgGeorgia CEO Rob Crain. “The resulting earnings enable us to safely distribute these profits to member-borrowers, allowing them to pay down debt or invest as they choose.”

Glee Smith, Chair of AgGeorgia’s Board of Directors, added that the effects of the refunds are substantial for her community. “The majority of this distribution goes to members in rural areas where the impact is proportionately greater,” said Ms. Smith. “As a resident of a small town [Warrenton, Ga.], it is great to know that we are not only helping our borrowers, but also helping to stimulate our local economy.”

The refund, from 2023 earnings, lowers the average member’s stated rate by 1%. All of the distribution is in cash, as opposed to 2021 and years prior, when refunds were divided between cash and surplus to be paid years later. Members who have previously signed up for ACH/direct deposit can expect their portion to be deposited by the first week of April. Those who have not can expect a check to be mailed that same week.