2010 was another very successful year for Carolina Farm Credit (CFC). On behalf of our Board of Directors and staff, I would like to say thank you for the contributions you have made to our success. Without members who are committed to use our products and services, and who continue to recommend CFC to friends, neighbors and family, we could never be as successful as we have been.

As a cooperative, we strive to provide value for your ownership in Carolina Farm Credit. To this end, your Board has again approved the payment of a patronage refund on 2010 earnings. Our expectation is to exceed our goal of returning $.20 on every dollar of interest that accrued on your loan in 2010. This marks the 23rd consecutive year that our operating results have allowed and your Board has approved payment of a patronage refund, therefore living up to our motto of “We put our profits in your pockets”. Watch for your invitation in the mail and please join us at your local customer appreciation event in April to pick up your patronage refund check and enjoy good food and fellowship as our way of saying thanks for your business.

We continue to be challenged to provide a high level of service and operate more efficiently in today’s environment. We are constantly looking for ways to gain efficiencies and control cost just as you are on your farm. As a result of issues affecting both our Reidsville and Greensboro service centers and in an effort to gain efficiencies and better utilize our human resources; effective March 31, 2011, we will close our Greensboro service center and consolidate it into our Reidsville service center. We will immediately begin searching for a suitable location, as close to halfway as possible between these two locations, to purchase land and construct a new service center building to serve our Guilford and Rockingham County customers.

We appreciate the business of our members in both of these counties and the relationships we have built over the many years we have provided service in these locations. We continue to be committed to providing quality service that exceeds your expectations and comfortable and convenient offices in which you can conduct your business. We believe that when our new service center is complete you will have a service center that you will be proud of.