Local Lender Shares Millions with Rural Community

Farm Credit Returns Significant Portion of Its Profits as Patronage Refund to

Farmers and Rural Residents

   Congressman Robert Hurt (center) met recently with Farm Credit directors Don Reese (L) and John Brickford (R) to help announce the amount of the patronage returned by Farm Credit in Virginia’s 5th District. 

                                 

Congressman Robert Hurt of Virginia’s Fifth District recently met with Farm Credit directors and local farmers as they announced the distribution of a $2,965,600 patronage refund to customers in his district.  Agricultural lender Farm Credit is distributing more than $15.7 million in patronage refunds to their member/borrowers in Virginia.  Dave Lawrence, president and CEO of Farm Credit of the Virginias, noted that “Farm Credit’s strong financial position has allowed the association to return a portion of our earnings to our customers annually for over a decade.  Additionally, as our cost of funds has declined, we have been able to restructure loans to offer better interest rates to our customers.”

Farm Credit of the Virginias, Colonial Farm Credit, and MidAtlantic Farm Credit operate under a cooperative structure, which enables them to give back a portion of their income to customers as a patronage refund.  Being in a fortunate position, even during the recent adverse economic periods, they have consistently paid patronage for more than a decade.

“The patronage refund to our association’s customers is important to the employees at Farm Credit.  They work diligently to maximize the dollar amount that the association can return to the farmers and rural residents who use its services,” said Don Reese, who is a member of the association’s Board of Directors.  “They believe in the mission of being the agricultural lender by which others are judged.”

Farm Credit of the Virginias Accepting Applications for 2013-2014 Ag Biz Planner

Farm Credit of the Virginias is currently accepting applications for the third consecutive class to participate in the Ag Biz Planner offered through Farm Credit University. The Ag Biz Planner includes financial planning, budgeting and other record keeping practices essential to the success of farming or owning an agricultural business.

Through Farm Credit University, Farm Credit of the Virginias is partnering with the Farm Credit Associations in Virginia and North Carolina to conduct the on-line program. Ag Biz Planner participants will have the opportunity to network with a variety of producers throughout the associations involved with the program during the course and at the conclusion conference held in Raleigh, N.C.

Farm Credit strives to assist young, beginning, small, and minority farmers through knowledge of the marketplace, financial, and business management topics. Alongside the online course highlighting these imperative topics, each participant is paired with a loan officer in their area to provide them with mentorship and guidance throughout the program. At the conclusion of the Ag Biz Planner Program, the participant will have compiled a complete business plan for their agricultural operation.

Farm Credit of the Virginias will be accepting up to seven participants for the 2013-2014 Ag Biz Planner class. A participant can be an individual or a couple that has attended the Young Farmer’s Institute, is under the age of 35 and has access to high speed internet. The program will begin in September 2013 and run through March 2014. Applications, a course outline, a list of frequently asked questions, and other program materials are available upon request. Applications for the program will be accepted through August 1, 2013. Individuals that have been accepted to participate in the program will be notified by August 15, 2013. The program will conclude in Raleigh, N.C. on March 13-14, 2014 for a group conference involving all of the participating associations.

Upon acceptance into the program each participant will be asked to pay the tuition cost of $500. In December your progress will be evaluated and participants will be eligible for a $250 tuition reimbursement. Following the completion of the course and a successful business plan the remaining $250 in tuition cost will be reimbursed. In addition to the tuition reimbursement, participants may be eligible for up to $200 in expense reimbursement over the course of the program.

Contact Information:
John Day – Director of Lending Initiatives for Farm Credit                                                       JDay@FCVirginias.com               540.347.3344 / 800.559.1016 Ext. 8       

Kyley Clevenger – Knowledge Center Specialist for Farm Credit                                             KClevenger@FCVirginias.com     703.777.3311 / 800.559.1016 Ext.4          

 

 

Farm Credit of the Virginias, ACA Meets with Congressman Goodlatte to Discuss Agriculture in Virginia’s 6th District and Beyond

Farm Credit of the Virginias is part of the Farm Credit System which was formed in 1916, literally by an act of Congress. The Farm Credit Act was approved by Congress and amended over time to keep Farm Credit in a position to provide a consistent source of credit to farmers, ranchers and rural communities.

While each Farm Credit association has its own management and a member-elected board of directors, the actions of Congress have a significant impact on how we are able to serve your needs as a customer. That is why Farm Credit of the Virginias works hard to convey to our elected officials in Washington, D.C., your needs and concerns with regard to your ability to make a profit and continue in farming.

As more and more members of Congress come from the urban areas of our states, it becomes even more important for the voice of rural Virginia, West Virginia and Maryland to be heard. To be most effective, our employees and directors work on an ongoing basis to know not only the congressmen and women, but also their staff members who deal with agricultural issues.

Farm Credit employees and directors meet with US Representative Bob Goodlatte (VA-6), pictured center, at a reception in Harrisonburg, VA on March 7, 2013.

Farm Credit’s 2013 Dairy Management Institute Dates Announced

ABOUT THE DAIRY MANAGEMENT INSTITUTE

The Dairy Management Institute (DMI) is a benchmarking program designed to help dairymen assess the strengths and weaknesses of their dairy operation. DMI began in 2000 as a joint effort between Farm Credit and Virginia Cooperative Extension. The program has grown to include 85+ herds across Virginia.

Our goal is to help participants improve profitability and efficiency on their farms. Data output provides producers with an individualized analysis of their business. This can be used to:

• Easily identify weak links
• Make management decisions
• Seek financing
• Develop future plans for the business

Participating dairymen submit farm income and expense numbers for the prior year. The data is compiled to obtain group averages. Participants receive the following individualized data:

• Key financial measures for your farm and the group such as:
–Net income per cow
–Cost per hundred weight
–Debt payments per cow
–Lbs. shipped per worker
–Break-even milk price
–Debt-to-Asset Ratio

HOW IT WORKS

Participants can submit a financial statement and DHIA herd code for a more complete analysis of their dairy business. Also, at the meeting, you will hear from respected speakers on financial and herd management issues, panel discussions with fellow producers sharing
their keys to success, group discussions and valuable networking.

And…
Lunch is FREE! DMI is fully funded by Farm Credit of the Virginias with no cost to participating producers!

WHY PARTICIPATE?

• The volatility and complexity of the dairy industry today make it more important than ever to know your financial position, including cost of production. Dairymen must be able to quickly and adequately analyze their current operations to ensure that the farm business remains profitable and viable for the next generation.
• This program will help you easily determine your cost of production and break-even milk price…information that is essential to making good management decisions and utilizing risk management tools.
• Find the weak links in your operation and identify where changes can be made to increase profitability.
• Pinpoint trends in your dairy operation that can help you better plan for the future.
• Network with other progressive dairymen. Hear what is working for them and how they are moving their operations forward.
• Hear from well-known speakers as to best management practices on successful dairy operations.
• Improve your ability to secure financing. Farm Credit and other ag lenders alike, value the DMI data and encourage their clients to participate in the program.
• Introduce the next generation of your dairy business to the financial aspects of running a farm operation. Family members\bookkeepers are highly encouraged to attend as well.

Don’t miss this opportunity to learn more about managing the single largest expense on your farm!

DATES AND LOCATIONS

March 27, 2013
Rocky Mount, Virginia

March 28, 2013
Harrisonburg, Virginia

April 1, 2013
Marion, Virginia

All Meetings 9:30-2:30

Data Submission Deadline: March 5, 2013
Assistance is available in getting your information pulled together the first year you participate.

For more information or to sign-up, please contact:
Patti Craun, Dairy Specialist\Relationship Mgr.
Farm Credit of the Virginias, ACA
P.O. Box 2550, Harrisonburg, VA 22801
pcraun@FCVirginias.com
540.434.5385 ext. 5223 or 800.919.FARM

Young Farmer Institute 2013 – Dates, Locations, Agendas Announced

 

 

 

 

 

March 6, 2013
Virginia Farm Bureau’s Headquarters
12580 West Creek Parkway, Goochland, Va.
9:00 a.m. – 4:00 p.m.

March 7, 2013
Wytheville Meeting Center
333 Community Boulevard, Wytheville, Va.
9:00 a.m. – 4:00 p.m.

April 3, 2013
WVU Reymann Memorial Farm
1695 West Virginia State Rt. 259, Wardensville, W.Va.
9:00 a.m. – 4:00 p.m.

Schedule of Topics

The Pulse of Global Economics

• The State of Global Economics
• The State of Domestic Economics
• Game Changers For the Ag Economy
• Supersized Supercycle
• Producer Concerns
• The Cut-Above Super Producer
• Business Killers

The topics covered during this seminar should prove useful to farmers who are just starting
their careers as well as more established producers. Dr. Kohl and Dr. White’s easygoing style brings the material to life and shows its practicality in the management of farm operations.

There is NO cost to attend!

For more information about the Young Farmer Institute, please call 800-919-3276

The Presenters:

Dr. Alex White

Dr. David Kohl

• Back by popular demand, Dr. David Kohl will once again be conducting the Young Farmer Institute. Dr. Kohl is currently Professor Emeritus in the Department of Agricultural and Applied Economics at Virginia Tech.  Dr. Kohl has traveled over 8 million miles throughout his professional career, conducting more than 6,000 workshops and seminars for agricultural groups. He has published four books and more than 1,200 articles on financial and business-related topics in journals and other popular publications.
• Dr. Alex White has taught a wide variety of college courses at Ohio State, N.C. State and Virginia Tech for the past 25 years. In August 2012, he began working full time in the fields of financial management (focusing on retirement planning) and farm/business consulting. He will be working with individuals and small business owners throughout the mid-Atlantic region as well as teaching a few courses at Virginia Tech and the Virginia-Maryland Regional College of Veterinary Medicine. He has worked with Farm Credit in various capacities for the past 20 years. He currently speaks to Farm Credit employees as a part of the Farm Credit University training program. Further, Alex is a customer (member/owner) of Farm Credit.

*The Young Farmer Institutes mentioned in this blog post are sponsored by the three Farm Credit Associations representing Maryland, Virginia and West Virginia.  Attendees are required to reside in those states.  For similar opportunities in other areas of the country, contact your local Farm Credit office. www.farmcredit.com

Nathan Taylor Talks About What Sets Farm Credit Apart From Other Lenders

Farm Credit’s Matt Findley and the Harrisonburg Soap Box Derby Teach Kids Workmanship, Spirit of Competition

Farm Credit of the Virginias’ very own Matt Findley (Harrisonburg, VA Loan Originator) makes soapbox derby race history for the city of Harrisonburg and Rockingham County, Virginia. Following a 50-year hiatus, derby races are once again rolling in the county. As a member and former president of the Rockingham Rotary Club, in 2005 Matt decided it was time for local derby competitions and began volunteering his time to organize the races.  “I started the race after a year of research,” he said.  “I wanted to make sure that the race was going to be run safely and would be fair for competitors.”  He believes it brings parents and kids together and helps everyone make new friends.  The races have grown to include 30-50 kids and this year they’re partnering with the local Boys and Girls Club in hopes of an even bigger event. The next Harrisonburg Soap Box Derby takes place in June 2013.  Farm Credit of the Virginias would like to thank Matt for his work on a worthy cause.

Rockingham County derby participants

William West tells us why Farm Credit is right for his beef operation (video)

Farm Credit of the Virginias, ACA Announces Director Election Results

November 13, 2012

Staunton, Va. – Farm Credit of the Virginias, ACA, today announced the re-election of Paul M. House, Barry W. Shelor, Alfred W. Stephens, Jr. and Joseph W. Wampler to its Board of Directors.  The directors will serve four-year terms beginning on January 1, 2013.

Paul M. House is president of Kettle Wind Farm, LLC, a dairy, grain, and sod farm in Nokesville, Virginia.  He is also a shareholder in Dutchland Farm Inc., a family dairy farm.  He serves on the AgFirst Farm Credit Bank Board.

Barry W. Shelor operates a dairy farm in Patrick County, Virginia.  He serves on the Board of Directors for Shelor’s Dairy, Inc. and Mountain Meadows Dairy, LLC.  Mr. Shelor also serves on the Patrick County Farm Bureau Board.

Alfred W. Stephens, Jr. is a dairy farmer in Wytheville, Virginia.  He serves as treasurer on the Wythe/Bland DHIA

Joseph W. Wampler is a general livestock and poultry farmer in Rockingham County, Virginia.

Paul M. House

Barry W. Shelor

Alfred W. Stephens, Jr.

Joseph W. Wampler

Farm Credit of the Virginias, ACA, is a member-owned agricultural lending cooperative serving the needs of farmers and agri-businesses in 96 counties in Virginia, West Virginia and Maryland. The Farm Credit System is a national network of lending institutions that collectively provide a wide range of financial and lending services to rural America.  Farm Credit institutions are cooperatives, capitalized largely through investments made by farmers, ranchers and the rural businesses that borrow from them.  Farm Credit helps maintain and improve the quality of life in rural America and on the farm through its constant commitment to competitive lending and expert financial services.

“I refer business and friends to them all the time.” Bradley Gable talks about Farm Credit (video)