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Farm Credit office pays dividends of $1.8 million

Farm Credit of the Virginias announced Wednesday that its Warrenton branch has paid $1.8 million in annual cash dividends to customer-owners.

The customer-owned cooperative distributes a portion of its profits to borrowers on an annual basis. Based on FCV’s 2019 financial performance, its board voted to issue $35 million in cash dividends across its service area of Virginia, West Virginia and Maryland.

FCV earned a $45.9-million profit last year, according to its annual report.

Since 2001, FCV has paid more than $318 million in patronage dividends to its customer-owners.

“We’re proud to be one of the few financial institutions that reward our customer for their loyalty in the form of a cash dividend,” CEO Brad Cornelius said. “In addition to offsetting the cost of borrowing, sharing our profits with our customer-owners is our personal and tangible thanks for entrusting us with their business. It is one of the many benefits of borrowing from a cooperative that you own.

“This year, in particular, we were pleased to distribute funds to our customer-owners facing disruptions and financial hardships due to the pandemic. We are committed to being here for agriculture and our rural communities when they need us, in good times and bad. This patronage payment is our way of showing it.”

FCV has a portfolio of $1.8 billion in loans to 11,000 customers — farmers, agricultural businesses and rural homeowners — in the three states.

FCV has a branch at 516 Fauquier Road in Warrenton.