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Area Farm Credit members get boost

By submitted, 02/24/20 10:32 AM

HOPE/PRESCOTT – According to a release, $738,165 went to Farm Credit of Western Arkansas members across Hempstead and Nevada Counties this week.

The local economic boost came in the form of Patronage Cash shared by Farm Credit of Western Arkansas members.  Sharing profits with members is a fundamental piece of Farm Credit’s business plan. Across western Arkansas, 6,300 Farm Credit members shared a record $10.3 million in Patronage Cash this year.  More than $129 million in Patronage Cash has gone to members over the past 22 years.

“We love this time of year,” said Vice President and Regional Branch Manager Jerry Nance of Farm Credit’s Hope office.

“Members eagerly anticipate patronage in February and it’s a strong reminder that they’re more than just customers.  They actually own the association and enjoy benefits like Patronage Cash that go with being an owner.”

As a financial cooperative owned by the members it serves, Farm Credit has provided dependable credit to agricultural producers and rural homeowners for 103 years.  Sharing profits with members when the association has a strong financial year is a cooperative principle.

Farm Credit of Western Arkansas has more than $1.5 billion in owned and managed assets and 23 office locations across 41 western Arkansas counties. It is a member of the nation-wide Farm Credit System.