FOSTORIA Ag Credit, a rural lending cooperative based in Fostoria, said it plans to distribute a record $14.5 million in profit-sharing to stockholding borrowers this month in the form of checks and allocated equities.
The refunds are to amount to about 27 cents on every dollar of loan interest accrued last year. At an average rate of 5.29 percent, that would reduce a borrower's interest for 2010 to 3.86 percent.
Ag Credit is a rural lending cooperative serving 18 counties, providing loans for farms, nurseries and other agricultural business.
For more information, visit www.agcredit.net.