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AgSouth posts record net earnings for third quarter

POSTED: December 9, 2008 5:00 a.m.

STATESBORO — AgSouth Farm Credit CEO Bill Spigener recently announced that the customer-owned cooperative had record net earnings of $27.13 million during the third quarter of 2008, over a 6 percent increase over the figures from the same period during 2007.

CFO Alisa D. Gunter said that the cooperative “is positioned to exceed last year’s record earnings. Net loans outstanding of $1.45 billion exceed the same period in 2007 by almost 10 percent. The association’s capital position and patronage program continue to be strong. All of this is good news for our members, especially in these tough economic times.”

AgSouth Farm Credit is one of the largest lending cooperatives in the southeast. Headquartered in Statesboro, with administrative offices in Spartanburg, S.C., and Orangeburg, S.C., the cooperative has 28 offices serving 34 South Carolina and 59 Georgia counties. As of Sept. 30, AgSouth had more than 6,800 members, $1.53 billion in assets, and $231.4 million in capital and allocated accounts.

AgSouth provides loans for agriculture, real estate, and rural homes, and offers leasing for automobiles, equipment, buildings, and commercial operations. The association also makes secondary home loans for home purchases, home construction, home improvements and refinances.

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