Cape Fear Farm Credit patronage a record $25.5 million

FAYETTEVILLE — Cash patronage for members of Cape Fear Farm Credit is $25.5 million, the agricultural lending cooperative has announced.

The customer-owners will be getting distributions in early 2021.

This is the largest dollar amount patronage distribution in the 33-year history of the cooperative. It will reduce the average interest rate paid by borrowers by approximately 2.46 percent.

Last year, the patronage was $20 million. Jon Pope, chairman of the Board of Directors, said the year was unique “but having the ability to deliver such strong levels of patronage is a reinforcement of the value our cooperative delivers to agriculture and the rural communities we serve.”

In a release, CEO Evan Kleinhans said, “The Association continues to perform well and we are eager to return this record patronage dividend to our customer-owners as soon as possible. We are passionate about serving our customer-owners and are proud to once again declare a record patronage.”