BAINBRIDGE — The board of directors of Southwest Georgia Farm Credit has authorized the distribution of allocated surplus for the year ending 2012 — a distribution of about $2 million. This distribution comes earlier than expected and in the wake of Hurricane Michael, which caused billions of dollars in damages and losses to farmers, farm businesses, and landowners in the Association’s territory.
“Right now, our members and our local economy can use the boost this distribution will offer,” said board Chairman Kim Rentz. “The Association’s financial position is strong, and this is the right thing to do for our members at this time.”
The Association, a cooperative, shares its profits with its members. Allocated surplus represents retained earnings from the year 2012. Since 1991, the Association has returned, or allocated, more than $121 million in patronage to its members.
“Farmers and landowners in our area are resilient, and they’ll work hard to get back on their feet,” said Paxton Poitevint, CEO. “We’re hopeful that this distribution comes at a much-needed time, and will have a positive impact right here in southwest Georgia.”