MidAtlantic Farm Credit awards borrowers $19.6 million to close a financially successful 2010
Westminster, Md. (January 24, 2011) – MidAtlantic Farm Credit is celebrating a financially robust 2010 by distributing $11.6 million in profit-sharing checks to its member-borrowers. In addition to $8 million distributed earlier, this results in $19.6 million in cash being returned to our members for 2010.
MidAtlantic Farm Credit serves borrowers in Delaware, Maryland, Pennsylvania, Virginia and West Virginia.
“Last year’s performance shows a strong improvement over 2009,” said MidAtlantic Farm Credit President and CEO Bob Frazee. “MidAtlantic Farm Credit has certainly experienced some upward momentum over the past year.”
As a co-op, MidAtlantic Farm Credit shares a portion of its annual profits with borrowers each year. In the past 10 years, MidAtlantic Farm Credit has distributed more than $200 million in dividends. Historically, at least 70 percent of annual profits are returned to member-borrowers.
About MidAtlantic Farm Credit
MidAtlantic Farm Credit is an agricultural lending cooperative owned by its member-borrowers. It provides farm loans for land, equipment, livestock and production; crop insurance; and rural home mortgages. The co-op has 10,200 members and $2.3 billion in loans outstanding. MidAtlantic Farm Credit is part of the national Farm Credit System, a network of financial cooperatives established in 1916 to provide a dependable source of credit to farmers and rural America. For more information, visit www.mafc.com.
Media contact:
Sandy Wieber
Vice President of Marketing
MidAtlantic Farm Credit
410.259.2625
SWieber@MAFC.com
Monday, January 24, 2011
Wednesday, January 5, 2011
For more information contact:
Sandy Wieber, Sr. VP of Marketing
800.333.7950
For Immediate Release
January 5, 2011
(Winchester, VA) MidAtlantic Farm Credit announced today that it is returning more than $2.7 million to stockholders in its Valley region. MidAtlantic’s Valley region consists of Morgan, Berkeley, and Jefferson counties in West Virginia; and Frederick, Clarke, Warren, Shenandoah, and Page counties in Virginia.
“As a cooperative lender, we are committed to two primary missions,” says Thomas Truitt, regional lending manager for the Valley area. “One is to provide a stable source of financing for agriculture and rural homeowners, and the other is to share our profits with our stockholders. We’ve proud that we have been meeting the first mission, even during the financial crisis, and we’re thrilled that we are also able to put literally millions of dollars back into our local community.”
The source of the funds came from three separate pools: the first pool was $639k, which represents the patronage distribution from 2003, put aside while the region was operating as Valley Farm Credit. The second pool was from a retirement of A-Stock (stock held by non-active borrowers), and the third was a lowered stock requirement for current members.
“We’re dedicated to finding a balance between having a strong capital base and returning as much as possible to our borrowers,” says Truitt. “We’re very pleased that our focus on efficiency has allowed us to maintain the proper amount of capital in reserve, and distribute the rest to our stockholder/borrowers.”
Eligible stockholders will receive their checks by the end of the year.
MidAtlantic Farm Credit is one of the largest agricultural lenders on the east coast. They are part of the national Farm Credit System, a cooperative lender with more than 500,000 borrowers and a portfolio of over $160 billion.
Sandy Wieber, Sr. VP of Marketing
800.333.7950
For Immediate Release
January 5, 2011
(Winchester, VA) MidAtlantic Farm Credit announced today that it is returning more than $2.7 million to stockholders in its Valley region. MidAtlantic’s Valley region consists of Morgan, Berkeley, and Jefferson counties in West Virginia; and Frederick, Clarke, Warren, Shenandoah, and Page counties in Virginia.
“As a cooperative lender, we are committed to two primary missions,” says Thomas Truitt, regional lending manager for the Valley area. “One is to provide a stable source of financing for agriculture and rural homeowners, and the other is to share our profits with our stockholders. We’ve proud that we have been meeting the first mission, even during the financial crisis, and we’re thrilled that we are also able to put literally millions of dollars back into our local community.”
The source of the funds came from three separate pools: the first pool was $639k, which represents the patronage distribution from 2003, put aside while the region was operating as Valley Farm Credit. The second pool was from a retirement of A-Stock (stock held by non-active borrowers), and the third was a lowered stock requirement for current members.
“We’re dedicated to finding a balance between having a strong capital base and returning as much as possible to our borrowers,” says Truitt. “We’re very pleased that our focus on efficiency has allowed us to maintain the proper amount of capital in reserve, and distribute the rest to our stockholder/borrowers.”
Eligible stockholders will receive their checks by the end of the year.
MidAtlantic Farm Credit is one of the largest agricultural lenders on the east coast. They are part of the national Farm Credit System, a cooperative lender with more than 500,000 borrowers and a portfolio of over $160 billion.
Tuesday, November 2, 2010
2011 Calendar Photo Winners Announced
For more information contact:
Sandy Wieber, Vice President – Marketing
800.333.7950 – swieber@mafc.com
FOR IMMEDIATE RELEASE
November 2, 2010
2011 calendar photo winners announced
(Westminster Md) – MidAtlantic Farm Credit has announced the winners of its annual photo contest. Winning entries will be featured in MidAtlantic’s 2011 calendar, which will be available in their offices after November 1.
The grand prize winner was Jenny Hendershot, of Clear Spring, Maryland. “I’m so excited,” said Hendershot, after learning of her win. “I enjoy this contest every year, and I feel very honored to be selected!”
“Jenny’s photo—a shot of blooming clover with farm buildings in the background—is a great representation of the beauty and serenity that are found in rural America,” says Sandy Wieber, Senior Vice President of Marketing for MidAtlantic. Wieber was one of five judges who assessed the more than (number) of photos that were submitted this year.
Other winners include: Sam Miller of White Post, VA; Jens Andersen of Jefferson, MD; Marilyn Spark of Upperco, MD; Donna Dawson of Kennett Square, PA; Jennifer Hoffman Collins of Glen Arm, MD; Marjorie Baugher of Westminster, MD; Bridgette McMahon Daugherty of Berkeley Springs, WV; Holly Porter of Goldsboro, MD; Bradley Shaffer of Port Valley, VA; Clair Good of East Earl, PA; Annette Billings of Milford, DE; Cindy Stys of Stroudsburg, PA; Liz Zander of Dickerson, MD; Jenna Myers of Union Bridge, MD; Jennifer Bruno of Kutztown, PA and Donna Wilkins of Greenwood, DE.
MidAtlantic Farm Credit is one of the largest agricultural lenders on the east coast. They are part of the national Farm Credit System, a cooperative lender with more than 500,000 borrowers and a portfolio of over $160 billion.
-30-
Sandy Wieber, Vice President – Marketing
800.333.7950 – swieber@mafc.com
FOR IMMEDIATE RELEASE
November 2, 2010
2011 calendar photo winners announced
(Westminster Md) – MidAtlantic Farm Credit has announced the winners of its annual photo contest. Winning entries will be featured in MidAtlantic’s 2011 calendar, which will be available in their offices after November 1.
The grand prize winner was Jenny Hendershot, of Clear Spring, Maryland. “I’m so excited,” said Hendershot, after learning of her win. “I enjoy this contest every year, and I feel very honored to be selected!”
“Jenny’s photo—a shot of blooming clover with farm buildings in the background—is a great representation of the beauty and serenity that are found in rural America,” says Sandy Wieber, Senior Vice President of Marketing for MidAtlantic. Wieber was one of five judges who assessed the more than (number) of photos that were submitted this year.
Other winners include: Sam Miller of White Post, VA; Jens Andersen of Jefferson, MD; Marilyn Spark of Upperco, MD; Donna Dawson of Kennett Square, PA; Jennifer Hoffman Collins of Glen Arm, MD; Marjorie Baugher of Westminster, MD; Bridgette McMahon Daugherty of Berkeley Springs, WV; Holly Porter of Goldsboro, MD; Bradley Shaffer of Port Valley, VA; Clair Good of East Earl, PA; Annette Billings of Milford, DE; Cindy Stys of Stroudsburg, PA; Liz Zander of Dickerson, MD; Jenna Myers of Union Bridge, MD; Jennifer Bruno of Kutztown, PA and Donna Wilkins of Greenwood, DE.
MidAtlantic Farm Credit is one of the largest agricultural lenders on the east coast. They are part of the national Farm Credit System, a cooperative lender with more than 500,000 borrowers and a portfolio of over $160 billion.
-30-
Monday, November 1, 2010
The Farm Credit System: Financial Strength Benefitting Rural America
By Mike Mason, Director of Communications, Farm Credit Council
Today’s farms, ranches and agricultural enterprises are more diverse and more specialized. And today’s farms and related businesses require new financial services, more equity and greater flexibility from their lenders if they are to effectively manage their businesses. Producers and rural entrepreneurs of all types need access to dedicated, specialized lenders to meet their complete credit and financial services needs.
Farm Credit was created to meet that need and continues to pursue its mission of service to agriculture and rural America. Because Farm Credit institutions are cooperatively owned by the agricultural producers who borrow from them, Farm Credit remains dedicated to improving the quality of life on the farm and in rural America through competitive lending, financial services and sound business advice.
Farm Credit provides sound and dependable credit to American agricultural producers, their cooperatives and farm-related businesses. We also provide loans for things such as agricultural processing and marketing activities, rural housing, rural utilities, and international agricultural trade. We do this by making appropriately structured loans to qualified individuals and businesses at competitive rates and by providing financial services and advice. Farm Credit offers more than just a loan – we offer more than 94 years of expertise in financing and agricultural business practices.
Farm Credit institutions are chartered by the federal government and must operate within limits established by the Farm Credit Act. The Farm Credit System is regulated by an independent federal agency, the Farm Credit Administration, which has all of the enforcement, regulatory and oversight authority as other federal financial regulators.
Agricultural producers who borrow from Farm Credit are the ones who make the controlling decisions about their institution. They elect their own boards of directors and their institution’s earnings are either retained to capitalize additional lending or paid out to borrowers in the form of patronage dividends. The capital that Farm Credit loans to farmers comes from the sale of bonds on the open market by the System. Farm Credit is not subsidized by the federal government nor is it a government agency.
In addition, all Farm Credit institutions have locally tailored programs specifically focused on the needs of young, beginning and small farmers- the future of U.S. agriculture. Because System institutions are guided by boards of directors comprised of agricultural producers, many of whom have sons and daughters involved in agriculture, they are highly sensitive and responsive to the needs of young and beginning farmers.
You can find out more about the Farm Credit System at our new website.
Today’s farms, ranches and agricultural enterprises are more diverse and more specialized. And today’s farms and related businesses require new financial services, more equity and greater flexibility from their lenders if they are to effectively manage their businesses. Producers and rural entrepreneurs of all types need access to dedicated, specialized lenders to meet their complete credit and financial services needs.
Farm Credit was created to meet that need and continues to pursue its mission of service to agriculture and rural America. Because Farm Credit institutions are cooperatively owned by the agricultural producers who borrow from them, Farm Credit remains dedicated to improving the quality of life on the farm and in rural America through competitive lending, financial services and sound business advice.
Farm Credit provides sound and dependable credit to American agricultural producers, their cooperatives and farm-related businesses. We also provide loans for things such as agricultural processing and marketing activities, rural housing, rural utilities, and international agricultural trade. We do this by making appropriately structured loans to qualified individuals and businesses at competitive rates and by providing financial services and advice. Farm Credit offers more than just a loan – we offer more than 94 years of expertise in financing and agricultural business practices.
Farm Credit institutions are chartered by the federal government and must operate within limits established by the Farm Credit Act. The Farm Credit System is regulated by an independent federal agency, the Farm Credit Administration, which has all of the enforcement, regulatory and oversight authority as other federal financial regulators.
Agricultural producers who borrow from Farm Credit are the ones who make the controlling decisions about their institution. They elect their own boards of directors and their institution’s earnings are either retained to capitalize additional lending or paid out to borrowers in the form of patronage dividends. The capital that Farm Credit loans to farmers comes from the sale of bonds on the open market by the System. Farm Credit is not subsidized by the federal government nor is it a government agency.
In addition, all Farm Credit institutions have locally tailored programs specifically focused on the needs of young, beginning and small farmers- the future of U.S. agriculture. Because System institutions are guided by boards of directors comprised of agricultural producers, many of whom have sons and daughters involved in agriculture, they are highly sensitive and responsive to the needs of young and beginning farmers.
You can find out more about the Farm Credit System at our new website.
Friday, August 6, 2010
MidAtlantic Farm Credit appoints new board member
FOR IMMEDIATE RELEASE
Westminster, MD – Bob Frazee, president & CEO of MidAtlantic Farm Credit (MAFC) has announced the appointment of Christopher Kurtzman of Sykesville, Maryland to the MAFC board of directors. Kurtzman will serve as the board’s designated financial expert and will serve on the Audit & Review Committee.
Kurtzman retired from McCormick & Company, Inc. in 2008 after 32 years of service. His most recent positions included Vice President for operations services in Europe, the Middle East, and Africa; Vice President of supply chain and growth optimization – consumer products division; and vice president and treasurer. Before his employment with McCormick, he worked for Ernst & Ernst on their audit staff.
Kurtzman is one of two appointed directors on MAFC’s board. The other members of the board are all Farm Credit borrowers, and were elected by their peers to represent their interests in the cooperative.
MidAtlantic Farm Credit is one of the largest agricultural lenders on the east coast. They are part of the national Farm Credit System, a cooperative lender with more than 500,000 borrowers and a portfolio of over $160 billion.
For more information contact:
Sandy Wieber, VP Marketing
410.259.2625 or swieber@mafc.com
Tuesday, July 27, 2010
MidAtlantic Farm Credit to host Ag Progress Days Bus Trip
For more information contact:
Sandy Wieber, VP Marketing
800.333.7950 or swieber@mafc.com
FOR IMMEDIATE RELEASE
(Westminster, MD) – MidAtlantic Farm Credit, an agricultural lending cooperative, announced its annual bus trip to Ag Progress Days on Wednesday August 18. The event is coordinated by MidAtlantic and the University of Maryland Extension.
MidAtlantic will be providing six buses picking up from seven locations throughout their Maryland territory. Locations and pick-up times include:
• Centre at Salisbury, Salisbury at 5 a.m.
• Rt. 50 & 404 Park & Ride, Wye Mills at 6:15 a.m.
• Cecil College, North East at 6 a.m.
• Mill of Whiteford, Whiteford at 6 a.m.
• Hereford Park & Ride, Parkton at 6 a.m.
• Carroll Ag Center, Westminster at 6 a.m.
• 1775 Monocacy Blvd. Park & Ride, Frederick at 6 a.m.
The cost for the trip is $20 per person, and includes the bus, and dinner, along with some snacks on the bus. Customers can register at www.mafc.com or by contacting Farm Credit at 888.339.3334.
Ag Progress Days is Pennsylvania's largest outdoor agricultural exposition. The three day event runs from August 17 – 19 and is sponsored by Penn State's College of Agricultural Sciences. In its 34th year it is one of only three agricultural exhibitions in the country sponsored by a major University. With over 400 exhibitors from 31 states and 4 provinces of Canada, Ag Progress Days has something for everyone.
MidAtlantic Farm Credit is an agricultural lending cooperative owned by its member‐borrowers. It provides farm loans for land, equipment, livestock and production; crop insurance; and rural home mortgages. The co‐op has over 10,500 members and approximately $2.3 billion in loans outstanding. MidAtlantic has branches serving Delaware, Maryland, Pennsylvania, Virginia and West Virginia. It is part of the national Farm Credit System, a network of financial cooperatives established in 1916 to provide a dependable source of credit to farmers and rural America. For more information, visit mafc.com.
Sandy Wieber, VP Marketing
800.333.7950 or swieber@mafc.com
FOR IMMEDIATE RELEASE
(Westminster, MD) – MidAtlantic Farm Credit, an agricultural lending cooperative, announced its annual bus trip to Ag Progress Days on Wednesday August 18. The event is coordinated by MidAtlantic and the University of Maryland Extension.
MidAtlantic will be providing six buses picking up from seven locations throughout their Maryland territory. Locations and pick-up times include:
• Centre at Salisbury, Salisbury at 5 a.m.
• Rt. 50 & 404 Park & Ride, Wye Mills at 6:15 a.m.
• Cecil College, North East at 6 a.m.
• Mill of Whiteford, Whiteford at 6 a.m.
• Hereford Park & Ride, Parkton at 6 a.m.
• Carroll Ag Center, Westminster at 6 a.m.
• 1775 Monocacy Blvd. Park & Ride, Frederick at 6 a.m.
The cost for the trip is $20 per person, and includes the bus, and dinner, along with some snacks on the bus. Customers can register at www.mafc.com or by contacting Farm Credit at 888.339.3334.
Ag Progress Days is Pennsylvania's largest outdoor agricultural exposition. The three day event runs from August 17 – 19 and is sponsored by Penn State's College of Agricultural Sciences. In its 34th year it is one of only three agricultural exhibitions in the country sponsored by a major University. With over 400 exhibitors from 31 states and 4 provinces of Canada, Ag Progress Days has something for everyone.
MidAtlantic Farm Credit is an agricultural lending cooperative owned by its member‐borrowers. It provides farm loans for land, equipment, livestock and production; crop insurance; and rural home mortgages. The co‐op has over 10,500 members and approximately $2.3 billion in loans outstanding. MidAtlantic has branches serving Delaware, Maryland, Pennsylvania, Virginia and West Virginia. It is part of the national Farm Credit System, a network of financial cooperatives established in 1916 to provide a dependable source of credit to farmers and rural America. For more information, visit mafc.com.
Tuesday, June 29, 2010
MidAtlantic Farm Credit is Staffed to Help Agriculture
FOR IMMEDIATE RELEASE
June 29, 2010
(Denton, MD) – Lloyd Webb, regional manager for the Delmarva Region of MidAtlantic Farm Credit, has announced the promotion of Wayne Richard to area lending manager and the hiring of Greg Williams as a loan officer.
Richard will be responsible for managing the sales and marketing efforts of the loan officers in the Denton and East New Market office. He joined Farm Credit in 2004 as a loan officer in the East New Market office. A few years later he transferred to the Denton office to handle larger commercial farm accounts. “Wayne has gained the knowledge and experience during his employment at Farm Credit to be a successful leader,” states Webb. “I look forward to working with him in his new position,” he adds. Wayne is a graduate of North Caroline High School in Denton, MD and graduated from the University of Maryland, College Park, MD. He resides in Denton with his wife.
Williams will work from the cooperative lender’s Denton office. “Greg has a lending background which will benefit the customers and prospects he works with,” states Webb. “I’m excited about how his background will translate into great customer service,” adds Webb.
Greg graduated from Verona High School (New Jersey) and St. Michaels College (Vermont) with a Bachelor of Arts degree. He resides in Centreville, MD with his wife and three children.
MidAtlantic Farm Credit is one of the largest agricultural lenders on the east coast. They are part of the national Farm Credit System, a cooperative lender with more than 500,000 borrowers and a portfolio of over $160 billion.
For more information contact:
Sandy Wieber, VP Marketing
800.333.7950 or swieber@mafc.com
Subscribe to:
Posts (Atom)