RIDGELAND, Miss. — Hearing good news from a financial institution is a rare but welcome change these days. Fortunately, Southern AgCredit, a rural lending cooperative headquartered in Ridgeland, Miss., had lots of positive news to deliver to its customer-stockholders at its recent 2011 annual meetings.
The meetings were held May 16 and 17 at Lincoln Hall in Dubach, La., and at the Mississippi Ag Museum in Jackson, Miss., respectively.
Joe Hayman, Southern AgCredit’s chief executive officer, reported on the strong financial health of the association. The lending co-op’s total assets grew to more than $725 million at year-end 2010, a 42 percent growth since the beginning of 2008. At the same time, credit quality remained high, with 96 percent of loans acceptable and performing
Hayman also reported that Southern AgCredit’s 2010 net income of $11.5 million exceeded the 2009 net income by 57 percent and was more than double the net income of 2008. As a result of the 2010 earnings, Southern AgCredit paid its stockholders a record patronage payment, including $3.47 million in cash and an $8.03 million allocation that is eligible for future cash distribution.
“Our staff also worked very hard to reduce the average borrower rate, while at the same time increasing profitability,” Hayman said. “Now these savings are going right into the pockets of our stockholders.”
Stockholders who attended the meetings also enjoyed a presentation by Paul Mobley, a photographer who traveled 100,000 miles and spent three years photographing hundreds of farmers and ranchers all over America. His book, "American Farmer," was chosen as one of the top ten art and photography books of the year when it was published in 2008.
During the meetings, the association also announced its 11 scholarship recipients. Noel Cumbaa of Leland, Miss., was selected to receive the $2,500 Jimmie Dick Carter Scholarship, named in honor of a longtime Southern AgCredit board member.
Students receiving $1,000 scholarships were: Anna Danielle Brasher of Holcomb, Miss.; Jessica Marie Brunston of Simsboro, La.; Clark Travis Carlisle of Shreveport, La.; Ivey Nicole Nazary of Carthage, Miss.; Karly Newell of Wesson, Miss.; Jessica O’Reilly of Pickens, Miss.; Shannon Lee Sessions of Woodville, Miss.; Taylor Smith of Meridian, Miss.; Jordan Emory Taylor of McComb, Miss.; and Shelby Marie Wood of West, Miss.
Southern AgCredit is a full-service cooperative lender specializing in financing rural land and agricultural operations in Mississippi and Louisiana. It is a member of the nationwide Farm Credit System, the nation’s single largest source of loans for agriculture, agribusiness, rural real estate and country homes. For more information, visit www.southernagcredit.com.
May 2011
