Moorefield, W. Va., July 10, 2025 – The Moorefield branch of Farm Credit of the Virginias (FCV), a customer-owned financial cooperative with more than 100 years of support for rural communities and agriculture, announced they paid nearly $1.3 million in cash to their customer-owners in the form of a patronage dividend.
FCV’s cooperative framework allows the Association to return a portion of its profits back to customer-owners on an annual basis. During 2024, agricultural producers and rural homeowners faced another year of challenges with economic uncertainty, high interest rates and severe weather events. Fortunately, FCV maintained a strong financial position, so their board of directors elected to return over 80% of net profits to their customer base through the patronage refund program. The Association hopes that this refund will enable customer-owners to feel more equipped to navigate continued economic challenges affecting the agricultural industry and rural communities.
The patronage program effectively lowers the cost of borrowing from FCV. This year’s $33 million distribution equates to having an interest-free loan for approximately three months and represents approximately 26% of the net interest accrued on loans. In total, the Association has returned more than $498 million to its members since 2001. FCV’s CEO, Brad Cornelius, said, “We’re glad to be able to return crucial dollars to our customer-owners and reinvest money in our rural communities through our patronage refund program.”
Cornelius continued, “Patronage is just one of the many benefits of doing business with our customer-owned cooperative. The refund is our way of showing our customers that we appreciate their business and we will always do our best to support their goals and dreams.”
To discover the benefits of being a customer-owner, visit the FCV website at www.FarmCreditofVirginias.com or call 1-800-919-FARM (3276) to learn more from a local representative.
The Moorefield branch is located at 550 South Main Street, Moorefield, W. Va.
