Submitted photo
Pictured is Congresswoman Shelley Moore Capito (second from right) with Farm Credit representatives Walter Schmidlen, John Wells and Laura Staley to announce the patronage refund from Farm Credit which will be returned to its customers among Capito’s district.
MASON COUNTY — It’s a common occurrence today to be giving money back to a financial lender, but not often do customers find that process the other way around.
A local lender known as Farm Credit recently announced a $745,000 patronage refund to be shared with its customers. Congresswoman Shelley Moore Capito of West Virginia’s Second District, which includes Mason County, recently met with Farm Credit directors and local farmers when this refund for customers in her district was announced.
“Farm Credit’s mission is to be a reliable provider of financing to farmers and rural residents,” Capito said. “This patronage refund is indicative of their dedication to improving the agricultural economy in West Virginia’s Second District.”
According to the Farm Credit website, a patronage fund is defined as “a way of distributing the association’s net income to its member-stockholders.” It also states this fund is a way for a customer to receive back a portion of the interest paid on their loan.
“Farm Credit’s strong financial position has allowed the association to return a portion of our earnings to our customers annually for over a decade,” said Dave Lawrence, Chief Executive Officer of Farm Credit of the Virginias. “Additionally, as our cost of funds has declined, we have been able to restructure loans to offer better interest rates to our customers.”
It was reported the patronage funds have given back over $130 million to customers since 2001. The company serves customers across West Virginia, Virginia, and Maryland. The local Farm Credit office is located at 2409 Jackson Avenue in Point Pleasant.
For more information on Farm Credit, call the Point Pleasant location at 304-675-3280, or visit www.farmcreditofvirginias.com.
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