Central Texas Farm Credit Returns $6.8 Million to Customers
EARLY, Texas – Central Texas Farm Credit returned a $6.8 million patronage refund in mid-March to its customers, thanks to the cooperative’s strong financial results in 2019.
“At Central Texas Farm Credit, our goal is to provide superior service at competitive rates. The more we earn, the more we can return to our customers. Our success is their success,” Jimmy Chambers, Central Texas Farm Credit CEO said. “We’re pleased to report that 2019 marks the 26th 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 2019 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. “Cash patronage distributions lower our customers’ borrowing costs and saves them money.”
Central Texas Farm Credit provides financing for all types of rural real estate, including farms, ranches, rural homes and land. The lender also finances livestock, equipment and the working capital needs of farmers, ranchers and agribusinesses. Part of the nationwide Farm Credit System, it is headquartered in Early and has branch offices in Brady, Coleman, Comanche, Early, Haskell, San Angelo, and San Saba.