Capital Farm Credit OKs $50M cash distribution

By Mike Copeland

The Capital Farm Credit board of directors has approved a $50 million cash distribution to its customers. This amount is $35 million more than last year's distribution.

Combined with cash patronage paid earlier this year, Capital Farm Credit has returned record cash distributions of $82 million this year.

CFC is a customer-owned cooperative that is part of the nationwide Farm Credit System. It is the state's largest rural lender, making loans to farmers, ranchers and other rural property owners for 95 years. It is headquartered in Bryan and has offices throughout the state.

"Our board of directors is committed to the cooperative principle of managing our capital for the benefit of our customers," said Ben Novosad, chief executive officer. "This additional payment, when our customers are facing the worst drought in our history, reinforces our commitment to be the leading value provider for agricultural credit in the state of Texas."

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