AgChoice Reports Excellent Growth With 2001 Earnings; Distribution of Funds Delivers 9 Million Dollars in Patronage Funds to Members.Business Editors MECHANICSBURG, Pa.--(BUSINESS WIRE)--May 15, 2002 AgChoice Farm Credit, ACA ACA - Application Control Architecture (AgChoice) today reported that its 2001 net income (before tax) topped $13.3 million. The cooperative, part of the nationwide Farm Credit System, also grew its loan volume over 24 percent from the previous year's level. In 2001, AgChoice posted record earnings and loan volume results. "We attribute our success to the diligence of a exceptionally committed staff and to a group of loyal customers who value the cooperative system of doing business," said Allyn L. Lamb, AgChoice President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Unlike commercial banks, AgChoice does not take deposits. Instead, loanable funds are raised through the sale of bonds and notes in the nation's capital markets. AgChoice is an agricultural lending cooperative that currently serves nearly 10,000 stockholders throughout most of Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York and several counties in West Virginia List of 55 counties in the U.S. state of West Virginia: State Abbr. FIPS State Code State WV 54 West Virginia FIPS County Code County Name 001 Barbour County 003 Berkeley County 005 Boone County 007 Braxton County 009 Brooke County 011 Cabell County . AgChoice's employees work from a central administrative office and 10 branch offices to manage a loan portfolio of agriculture, forest products, lifestyle farms and country residences that now exceeds $786 million. MEMBERS BENEFIT FROM PATRONAGE Patronage See also Philanthropy. Alidoro fairy godfather to Italian Cinderella. [Ital. Opera: Rossini, Cinderella, Westerman, 120–121] Alphonso, Don supports Bias in return for political favors. [Fr. Lit. DISTRIBUTION As an agricultural credit cooperative, AgChoice is owned by its member-borrowers, who purchase stock/participation certificates in the cooperative. After each fiscal year, the AgChoice Board of Directors may choose to retain the net income of the Association 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 TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid. 2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies ." "The distribution of profits to our members represents increased value provided by AgChoice to its customers. Our members own the association, so it just makes sense that they share in the profits," says AgChoice chairman John D. Cope. AgChoice Farm Credit is a part of the nationwide Farm Credit System that has provided loans to American agriculture for over 80 years. The Farm Credit System was organized to provide a consistent source of credit to farmers and rural America. AgChoice is a financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. organization that understands agriculture's particular needs and is prepared to consistently provide credit and related services. As a cooperative business, AgChoice Farm Credit is owned by the customers who use its services. |
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