2018 was a record year for Capital Farm Credit. Thanks to strong financial results, the largest agricultural lender in Texas is able to return $87.5 million in cash patronage to its borrowers, with another $96.8 million set aside for future disbursement consideration. This total 2019 patronage declaration of $184.3 million marks a record, as well.
Capital Farm Credit has returned more than $1 billion in patronage dividends since 2004. More than any agricultural lender in the state of Texas.
"Through our patronage dividend program, we return almost all of our earnings back to our members," said Ben Novosad, chief executive officer. "We believe our patronage dividend program is the strongest in the country, and we work hard to ensure we can continue returning profits to our members."
Capital Farm Credit has a long tradition of strong earnings, which accrues to the benefit of our members. We bring value to our members by delivering credit and other financially related services to them effectively and efficiently. As we return the earnings through our patronage dividend program, we effectively lower the cost of doing business for our farmers, ranchers, and recreational property owners, which helps to strengthen the agricultural economy and rural communities we serve.
"We're proud to support rural Texas communities and agriculture with reliable, consistent credit and financial services by providing farmers and ranchers with the capital they need to make their businesses successful," Novosad added. "We know by returning money to our borrowers, it helps to strengthen the rural communities our members call home."
As a borrower-owned cooperative, our members are also our owners. When Capital Farm Credit is successful, our members are successful. We're in this together with our members, and together we're better.