Farm Credit Announces $21M In Dividends
HARRISONBURG — Farm Credit of the Virginias announced earlier this month that it’s paying more than $21 million in dividends to customer-owners.
As a cooperative, the financial institution distributes part of its profits to customers.
Thanks to record earnings last year, the board of directors announced a special dividend in addition to the regular dividend, according to a news release.
The regular dividend typically represents 12 percent of the amount of interest paid on loans throughout the year.
An additional 12 percent will be paid out as part of the special dividend.
The regular dividend was paid in cash on April 4, while the special one will be paid June 2, the release says.
Farm Credit of the Virginias provides more than $1.5 billion in financing to farmers in Virginia, West Virginia and Maryland.
It has a branch on South Valley Pike in Harrisonburg.
— Jeremy Hunt