Your brochures say that MidAtlantic Farm Credit is a cooperative. What exactly does that mean, and what’s the benefit to me?
A cooperative, according to the Merriam Webster dictionary, is an “association formed to enable its members to buy or sell to better advantage”. So what’s the advantage to you? Well, our borrowers aren’t just our clients, they’re member/owners. So when MidAtlantic has a good year, and makes a profit, the board of directors can either retain the net income to strengthen the association’s financial position, or they can distribute that net income back to the members. That’s what we call a patronage refund. Speaking of our board of directors, they’re another huge benefit to loaning money from a cooperative. Each year, our borrowers have the opportunity to elect their peers and neighbors to our board of directors. As a result, our board is made up of people just like you—farmers and agribusinesses who understand what it takes to succeed in today’s market. They steer the association’s activities and policies throughout the year, and make sure that we never forget that our first priority is
