spending christmas at the white house - Carolina Farm Credit

PATRONAGE
Customer Appreciation Days
“We Put Our Profits into our Customers’ Pockets”
During two weeks in September, each of our 39 branch offices hosted
customer appreciation events to celebrate with customers. The events
ranged from an all day open house to a hotdog or BBQ picnic to a sitdown
dinner with entertainment. This was a great opportunity for us to
visit with our customers as we put some money in their pockets!
Carolina Farm Credit revolved $7.4 million of Qualified Surplus
and $2.4 million of Non-Qualified Surplus allocated to members. This
is the entire 1999 series of Qualified Surplus for all Carolina members
and 1994 series of Non Qualified Surplus for the former North Central
Farm Credit members. Over $177.8 million has been paid to members
over the last 17 years.
This revolvement by the board is in keeping with the association’s
plan of revolving equities. The board’s goal is to revolve Qualified
Surplus allocated on a 5-year basis and Non-Qualified Surplus allocated
on a 10-year basis depending upon financial results.
“Each year, part of the patronage refund has been paid in cash; the
balance has been placed in qualified surplus allocated account for each
member. The board is pleased that the association has met its capital
requirement goal and is financially able to retire this qualified surplus
allocated and the non-qualified surplus”, said Dennis T. Leamon,
Chairman of the Board.
Larry Shoffner, president/CEO of the association, stated, “The
association’s members will not only gain financial benefits from the
surplus retirement, the revolving of the surplus will help them better
understand the linkage between their investment in the association and
benefits derived from doing business with the association, a farmerowned
cooperative. Like other financial institutions, the association
charges a competitive interest rate; however, unlike other financial
institutions, Carolina Farm Credit returns the majority of its profits to
borrowers which reduces their effective interest rate.”
Lenoir branch member, Gary Church, left, is presented is check by
Keith Link, Branch Manager.
Directors Clark Newlin, (l) and Tommy Porter (r) present
a check to Graham branch member, Billy Holliday.
From the left: Burder and Betty Reeves, members
of Marshall branch, receive their check from Terry
Peterson, Branch Manager.
Director Gary Herlocker presents check to
Yadkinville branch member David Atkins, at right.
6 | FFA December students 2005, help Carolina serve Farm in the Credit food line at the Sparta branch event.
Winston-Salem branch members attend Customer Appreciation Event at
Forsyth County Agricultural Extension Office.