Central Texas Farm Credit (CTFC) returned a record $8.3 million patronage refund in mid-March to its customers, thanks to the cooperative’s strong financial results in 2022.
“At Central Texas Farm Credit, our goal is to provide exceptional customer service at competitive rates,” Jimmy Chambers, CTFC chief executive officer said. “Our patronage refund program is the icing on the cake and the thing that sets us apart from other lenders. The more we earn, the more we can return to our customers. We are pleased to report 2023 marks the 29th consecutive year we’ve given cash back to our member-borrowers.”
Central Texas Farm Credit retains only the portion of its earnings needed for growth and stability. It returns the rest to members through its patronage program. The patronage refund will reduce the effective interest rate paid by patronage eligible borrowers in 2023 by an average of 1.5 percentage points.
“The patronage program is unique to co-ops and a clear advantage of doing business with us,” Robby Halfmann, chairman of the cooperative’s board said. “Our patronage program is the driving force behind our business model and something our board, management, and staff focus on all year.”
