A total of $331,681 went to Farm Credit of Western Arkansas members across Baxter, Boone, Carroll, Marion, Newton and Searcy Counties on June 26.
Farm Credit is making a special mid-year patronage distribution of $5 million to members across western Arkansas due to the COVID-19 pandemic. Checks will mail directly to members.
“Unprecedented times call for unprecedented actions,” said Vice President and Regional Branch Manager Brad Matlock of Farm Credit’s Harrison office.
“There may be members who need this cash now and we see it as an economic stimulus for western Arkansas,” he continued.
As a financial cooperative, members share in Farm Credit’s profits when the association has a good financial year. The association has put more than $134 million back in Western Arkansas members’ pockets since 1997.
Patronage is normally distributed in February, based on the prior year’s profits. More than 6,300 Western Arkansas members shared $10.3 million in Patronage Cash in February. June’s patronage reflects January to May 2020 earnings and June to December 2020 earnings are expected to be paid in patronage next February.
As a financial cooperative owned by the members it serves, Farm Credit has provided dependable credit to agricultural producers and rural homeowners for 104 years. Sharing profits with members is a cooperative principle and the cornerstone of Farm Credit’s business model.
Farm Credit of Western Arkansas has more than $1.5 billion in owned and managed assets and 26 office locations across 41 western Arkansas counties. It is a member of the nation-wide Farm Credit System.