Anna Kinchen

Farm Credit Announces 2024 Patronage Distribution

BAINBRIDGE, GA—Southwest Georgia Farm Credit, a customer-owned financial institution, announced that it plans to distribute a portion of its profits to customers. 

Southwest Farm Credit will pay $6.4 million of its 2023 profits in cash patronage to its customer-owners in the Spring of 2024. The financial services cooperative has returned more than $159 million through its Patronage Program over the last 34 years.  

“Our economies encountered major disturbances this past year. In addition to low commodity prices and low yields, the continued pressure of inflation combined with the highest interest rates we’ve seen in the last decade, impacted the cost of everyday life and consumer confidence declined,” said Paxton Poitevint, President, and CEO of Southwest Georgia Farm Credit. “Yet, amidst the uncertainty, Southwest Georgia Farm Credit remained steadfast in its commitment to serve its customers through a challenging economic cycle to achieve core earnings and capitalize for future growth. These earnings contribute to the advantage of a cooperative structure, allowing our member-owners to benefit from our patronage program, effectively lowering their cost to conduct business and furthermore, ensuring their success.” 

The 2023 patronage dividend is equal to 13.18% of the interest a customer paid in, which is comparable to getting back almost 2 months’ worth of interest paid on a loan. Southwest Georgia Farm Credit understands that the profits they distribute to their member-owners have a lasting impact on their operations and the rural economies they support. 

“Amid all the changes in our world and the advancements we’ve made as an Association, one thing remains the same. We are still in the business of people.  It is our mission to offer the expertise and services our producers and landowners expect in their times of need from an organization with over 100 years of history, no matter the obstacles.  That is why I would like to thank our member-owners for their trust in Southwest Georgia Farm Credit.”

Patronage distributions are made when the Board of Directors of Southwest Georgia Farm Credit deem that the Association’s financial performance is such that a distribution is warranted.

Headquartered in Bainbridge, Georgia, Southwest Georgia Farm Credit supports farmers and farm businesses, as well as rural property owners, providing safe, sound, dependable financing. The association is part of the Farm Credit System, a nationwide network of agricultural and rural lending institutions cooperatively owned by their borrowers. Farm Credit helps maintain and improve the quality of life in rural America and on the farm, through its constant commitment to competitive lending and expert financial services.

View All Articles