Farm Credit to distribute cash
Farm Credit of New Mexico will distribute $9.5 million in cash to stockholders by the end of March as part of its patronage distribution program.
The payment is based on each stockholder’s average loan balance during 2011, and reduces member interest rates by about .75 percent.
The association recorded net income of $48.2 million, largely due to recapitalization in anticipation of the Jan. 1 bank merger between US AgBank and CoBank.
Farm Credit of New Mexico is a full-service agricultural lender, with offices in Clovis and five other New Mexico communities.
Business Digest is compiled by CNJ staff writer Kevin Wilson. He can be contacted at 763-3431, ext. 313, or by email: