FLOWOOD, Miss. — Stockholders of Southern AgCredit, a lending cooperative headquartered in South Mississippi, recently elected Larry Killebrew of Lexington to represent the Delta region on the co-op’s board of directors. Stockholders also re-elected Kevin Rhodes of Pelahatchie and Allen Eubanks of Lucedale to the board. 

The board oversees the $620 million cooperative that provides loans and financial solutions for farmers, ranchers and other rural property owners. Other board members include Chairman Brad Bean of Liberty, Vice Chairman Jack Winstead of Lawrence, Jimmie Dick Carter of Rolling Fork, Emery Skelton of Winterville, Linda Staniszewski of Hattiesburg and Glen Herrin of Purvis.

The election was part of Southern AgCredit’s annual stockholders meeting, held recently in Jackson. Stockholders and guests in attendance received an update on the progress of the lending co-op.

Joe Hayman, Southern AgCredit’s chief executive officer, highlighted the co-op’s financial accomplishments, noting that despite the tough economic environment of 2009, Southern AgCredit performed remarkably well and its financial health remains strong.

“Because of the excellent referrals from stockholders, we have been able to grow the balance sheet with new high-quality assets,” Hayman said. “Total assets grew by over $72 million in 2009 to a total of $619.7 million. This represents over 13 percent growth in a year.”

Net income for 2009 was $7.2 million, as compared to $5.3 million and $3.5 million for 2008 and 2007 respectively. Members’ equity also increased from $76 million in 2008 to $81 million in 2009. Additionally, the co-op’s total permanent capital remained strong at nearly 13 percent. Southern AgCredit also paid a record $7.2 million patronage to its customer-stockholders, which represented 100 percent of the co-op’s 2009 net income.

However, Hayman also informed stockholders that he believes continued economic stress is likely as the general economy struggles to recover. “We must remain diligent and keep our eye on the ball,” Hayman said. “We are operating in an environment with tremendous uncertainty yet opportunity. We will continue to focus our efforts on identifying risk and making every effort to protect our stockholders’ investment in the association.”

Southern AgCredit finances all aspects of agriculture and rural property, including loans to agribusinesses. The cooperative is headquartered in Flowood and has offices in Brookhaven, Flowood, Greenville, Greenwood, Grenada, Hattiesburg, Lucedale, Newton and Poplarville. It is part of the nationwide Farm Credit System, which was established by Congress in 1916.

July 13, 2010