AgSouth Distributes Remaining 2024 Patronage After Early Distribution in October Totaling $65.1 Million

AgSouth Distributes Remaining 2024 Patronage After Early Distribution in October Totaling $65.1 Million

Statesville, NC.: (April 1, 2024) – AgSouth Farm Credit CEO, Vance Dalton, has announced the total patronage distribution of $65.1 million from the Association’s 2024 profits. In response to the immediate needs of the Association’s members following Hurricane Helene, AgSouth distributed a portion of the 2024 earnings in the Fall of 2024 as an early patronage disbursement totaling $30 million.   The remaining $35.1 million is being disbursed on schedule and will arrive in members’ mailboxes or bank accounts this April.

“Most of our communities are still dealing with the impact of Hurricane Helene. AgSouth’s strong capital position and credit quality allowed us to release a portion of our patronage funds early when our members needed it most. We’re happy to announce the distribution of the remaining 2024 funds in hopes that it will continue to aid our customers during their recovery efforts. We are proud to live out our cooperative principles during times of stress and deliver real value to our members in Georgia, North Carolina and South Carolina,” Dalton said.

This is the 37th consecutive year the Association has distributed profits with their patronage program. As a cooperative, AgSouth borrowers are stockholders and share in the Association’s profits. This is done through the patronage program, and the distribution is approved by the Board of Directors each year.

About AgSouth:
AgSouth Farm Credit provides loans for land, equipment, and production agriculture; crop insurance; leasing; and home mortgages. The Association serves counties in Georgia, North Carolina, and South Carolina and is headquartered in Statesville, North Carolina. AgSouth is an equal housing lender and an equal opportunity provider.

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