Central Texas Farm Credit Returns Record $4.8 Million Cash Patronage to Customers
COLEMAN — Central Texas Farm Credit, a rural financing cooperative, recently distributed a record $4.8 million cash patronage refund to its customers, based on its earnings in 2013. Checks were mailed to customers on March 21.
“Including this disbursement, Central Texas has distributed more than $54 million in capital to our borrowers over the past 21 years,” said Jimmy Chambers, Central Texas chief executive officer. “This year’s record patronage reduces each borrower’s effective interest rate by an average of 1.51 percent.”
“Patronage payments help to lower the cost of borrowing from Central Texas, and they are a cornerstone of doing business with our cooperative. The fact that we have been able to share our earnings with our customers for this long proves the effectiveness of our co-op business model,” said Chambers.
Central Texas provides financing for all types of rural real estate, including farms, ranches, rural homes and recreational property. They also finance livestock, equipment and the working capital needs of farmers, ranchers and agribusinesses. The Coleman-headquartered cooperative has branch offices in Brady, Brownwood, Coleman, Comanche, Haskell and San Angelo. It is part of the nationwide Farm Credit System.