$691,853 went to Farm Credit of Western Arkansas members across Hempstead and Nevada Counties in February.
The boost to the local economy came in the form of Patronage Cash to members and reflects Farm Credit’s commitment to sharing 2018 profits with members of the financial cooperative.
“We love this time of year,” said Vice President 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.”
Across western Arkansas, 6,100 Farm Credit of Western Arkansas members shared $9.1 million in total Patronage Cash this year. More than $119 million has been distributed to members since 1997.
As a financial cooperative owned by the members it serves, Farm Credit provides a dependable source of credit and related services to agricultural producers and rural home owners. That has been Farm Credit’s mission for 103 years. Sharing profits with members when the association has a strong financial year is one of the tenants of the cooperative business model.
Farm Credit of Western Arkansas has more than $1.3 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.