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As an agricultural credit cooperative, Cape Fear Farm Credit is owned by the member-borrowers who purchase stock/participation certificates in the cooperative. At the end of each fiscal year, Cape Fear's board of directors may choose to either retain the Association's net income to strengthen its capital position or distribute some or all of the net income to members by declaring a dividend on stock or a patronage refund.
The distribution of profits to our members effectively reduces the cost of borrowing money. Our members own the bank, so it just makes sense that they will share in the profits.
If you have any questions about patronage refunds, please give your Cape Fear Farm Credit loan officer a call.
Patronage Refunds Frequently Asked Questions
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| PATRONAGE REFUND HISTORY |
| Year |
Total Refund Declared |
Initial Cash Payment |
Allocated Surplus |
Date Retired |
% of Interest Returned |
| 1988 |
1,223,000 |
245,000 |
978,000 |
11/01/93 |
20% |
| 1989 |
2,450,000 |
735,000 |
1,715,000 |
11/01/94 |
37% |
| 1990 |
2,848,000 |
854,000 |
1,994,000 |
11/01/95 |
36% |
| 1991 |
4,278,000 |
1,283,000 |
2,995,000 |
11/01/96 |
24% |
| 1992 |
7,625,000 |
2,288,000 |
5,337,000 |
11/10/97 |
40% |
| 1993 |
7,560,000 |
2,268,000 |
5,292,000 |
11/01/98 |
40% |
| 1994 |
8,664,000 |
2,599,000 |
6,065,000 |
10/18/99 |
37% |
| 1995 |
7,989,000 |
2,397,000 |
5,592,000 |
01/04/01 |
25% |
| 1996 |
8,398,000 |
2,519,000 |
5,879,000 |
01/15/02 |
26% |
| 1997 |
9,152,000 |
2,746,000 |
6,406,000 |
01/15/03 |
26% |
| 1998 |
9,149,000 |
2,745,000 |
6,404,000 |
01/15/04 |
26% |
| 1999 |
8,564,000 |
2,572,000 |
5,992,000 |
01/15/05 |
27% |
| 2000 |
8,196,000 |
2,459,000 |
5,737,000 |
01/15/06 |
23% |
| 2001 |
8,321,000 |
2,496,000 |
5,825,000 |
|
25% |
| 2002 |
7,850,000 |
2,355,000 |
5,495,000 |
|
31% |
| 2003 |
7,091,000 |
2,837,000 |
4,254,000 |
|
27% |
| 2004 |
5,379,804 |
5,379,804 |
0 |
|
20% |
| 2005 |
6,941,688 |
6,941,688 |
0 |
|
21% |
| 2006 |
8,877,566 |
8,877,566 |
0 |
|
22% |
| 2007 |
11,415,752 |
11,415,752 |
0 |
|
23% |
| Totals |
141,972,810 |
66,012,810 |
75,960,000 |
|
28% |
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