Texas Farm Credit customers are getting cash back this spring for the 22nd year in a row, the lender said in a news release earlier this week. It said the amount will be the highest returned to customers in the financial institution’s history.
The rural lending cooperative is distributing a record $12.3 million in patronage div idends to its customers. About 3,800 checks will be going out across its 100-county territory.
Patronage lowers borrowing costs by refunding a portion of the interest customers paid on their loans the previous year, Farm Credit explained.
On average, a Texas Farm Credit borrower who had a ...