Pays $2.25 Million Patronage To Stockholders
SULPHUR SPRINGS, Texas – Legacy Ag Credit, a local ag lending cooperative, announced today that it will pay $2.25 million in cash patronage to its stockholders in March based on 2015 performance. The association reported total assets of $235 million and total loans of $232 million as of year-end 2015.
Because Legacy Ag Credit is a cooperative, its stockholders share in its earnings through the payment of patronage. Within the past 11 years, the organization has returned over $10 million in cash patronage to stockholders.
“The directors and staff of Legacy continually seek opportunities to benefit our stockholder-borrowers,” said CEO Joseph Crouch. “As in prior years, the 2015 association earnings were used to help reduce net borrowing costs to our members.”
This cash patronage reflects a reduction of approximately 100 basis points, or 1.00 percentage point, in the effective borrowing rate of an average borrower for 2015.
“Legacy Ag Credit is excited to share the story of our commitment to agriculture,” said Crouch. “We look forward to serving others within our territory so that they too may benefit from our patronage program and the Farm Credit System, which, we are proud to report, is celebrating its 100th anniversary this year.”
Legacy Ag Credit is a part of the Farm Credit System, a nationwide system of cooperatively owned banks and associations. The co-op has been providing farmers, ranchers and rural landowners in Franklin, Gregg, Harrison, Hopkins, Kaufman, Marion, Rains, Upshur, Van Zandt and Wood counties with quality service and a reliable source of credit for nearly 100 years. Sulphur Springs, Canton, Gilmer, Kaufman and Longview are the locations of the Legacy’s lending offices.