COLEMAN, Texas — The Central Texas Farm Credit Board of Directors recently approved the payment of $5.2 million in cash to customers through its patronage refund program. This payment, which represents a portion of the rural lending cooperative’s record 2014 earnings, will be distributed in March.
As a customer-owned co-op, Central Texas Farm Credit provides its members with financing at competitive rates, and also returns its surplus earnings to them after it has met its needs for a strong capital base. This year’s record patronage will reduce each borrower’s effective interest rate by an average of 1.5 percent.
“Patronage payments are the foundation of our cooperative business philosophy,” said Jimmy Chambers, Central Texas chief executive officer. “We are proud to be able to return this money to our member-owners.”
Central Texas provides financing for all types of rural real estate, including farms, ranches, rural homes and recreational property. They also finance livestock, equipment and the working capital needs of farmers, ranchers and agribusinesses. The Coleman-headquartered cooperative has branch offices in Brady, Brownwood, Coleman, Comanche, Haskell and San Angelo. It is part of the nationwide Farm Credit System.
For more information, visit www.ranchmoney.com.