Farm Credit of Maine reports continued growth
PRESQUE ISLE — Farm Credit of Maine earlier this month held its 2011 annual Aroostook Member Supper in Presque Isle, and its annual Stockholders’ Meeting the following evening at the Hilton Garden Inn in Auburn.
During the meetings, customer-owners and business affiliates received reports from the Board chairman, chief executive officer and the Nominating Committee.
According to Ray Nowak, Farm Credit of Maine president, the Farm Credit of Maine loan portfolio showed growth of more than 10 percent at the end of 2010, bringing the business to four times its size since 1995 — the year Farm Credit established a new funding relationship with Denver-based CoBank. Thanks to its CoBank partnership, Nowak said, Farm Credit of Maine is better able to serve the vibrant and competitive natural resource industries in New England.
Nowak also reported that net income for 2010 exceeded $5 million, and the cooperative’s overall financial strength remains strong and stable. In January, Farm Credit of Maine declared patronage dividends of a record $2 million for its customer-owners.
“We are very pleased with our results in 2010, and we are off to a good start in 2011 as well,” said Farm Credit of Maine Board Chairman Hank McPherson. “Our strong partnerships throughout the Farm Credit System, including CoBank, help us meet the ever-changing and growing credit needs of the agricultural, commercial fishing and forestry industries that we serve. Our financial strength and stability have served our customer-owners well for almost 100 years now, and we look forward to continuing that credit support for future generations.”
Nowak agreed, saying, “Farm Credit, both in Maine and across the nation, has a deep commitment to the future of agriculture and related industries. Maine’s producers and processors in these industries have proven that they are locally and globally competitive, and we will proudly continue to provide capital to businesses who feed the growing food and fiber markets, locally and around the world.”
Currently, Farm Credit of Maine has more than $600 million in financing commitments to a broad array of Maine-based agricultural, commercial fishing and forest products businesses, as well as to out-of-state customers with direct business ties to Maine. In addition to commercial loan and lease services, the customer-owned cooperative provides professional rural appraisal, crop insurance and credit life insurance services. Farm Credit of Maine is part of the National Farm Credit System, the single largest source of agricultural credit in the United States.
For more information, visit farmcreditmaine.com.
