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Association News  Find out more about Central Texas Farm Credit in our latest edition of Landscapes. CENTRAL TEXAS FARM CREDIT, ACA MAKES ANOTHER CAPITAL DISTRIBUTION IN 2010 COLEMAN, TEXAS - The board of directors of the Central Texas Farm Credit, ACA, which serves a 20 county area in Central and West Texas, has announced that it has declared another cash patronage distribution to eligible association borrowers for fiscal year 2009. This marks the seventeenth consecutive year the association has returned excess capital to its borrowers. Including this year’s patronage, Central Texas Farm Credit, ACA has distributed over $37.5 Million in excess capital to its borrowers over the past 17 years. This capital has been distributed either through patronage distributions, dividends, stock reductions, or stock equalizations. Patronage distributions alone have accounted for approximately $27 Million of the total amount of capital returned to association borrowers. This year’s $2.5 Million patronage was distributed to borrowers on March 19, 2010 and amounts to over three-quarters percent reduction in the rate of interest borrowers paid on their loans during 2009. In making the announcement, board chairman Cody B. Richmond stated that the board of directors and management were delighted to once again reduce the cost of borrowing to the association’s stockholders and emphasized that this is only one of the many benefits of obtaining agricultural and rural area credit from the Central Texas Farm Credit, ACA. He noted that the association’s financial strength allows the board and management to maintain an efficient and profitable operation and to continue the policy of returning excess earnings back to our shareholders. Association CEO James R. Isenhower also noted that despite the adverse economic times many financial institutions experienced in 2009, Central Texas Farm Credit, ACA remains financially strong and is able to once again make a patronage distribution when numerous other Farm Credit institutions are unable to do so. The Central Texas Farm Credit, ACA, with over $400 Million in loan assets, provides financing for agricultural, rural housing and certain agri-business purposes in Central and West Texas. Association headquarters are located in Coleman, with branch offices in Brownwood, Brady, Haskell and San Angelo. Board members include Cody Richmond, Chris West, Jerry Don Klose, Philip Hinds, Mike Finlay, Mickey Dillard, Larry Damron, Brent Heinze, Wayland Shurley, Robby Halfmann, and Glenn Miller. The board and management remain committed to maintaining the financial integrity of the association while offering competitive loan products that meet the financial needs of all eligible borrowers.
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© 2010 Central Texas Farm Credit, ACA | Equal Housing Lender |
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