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october 2002 |
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farm credit services Farm Credit Services of Mid-America is part of the nationwide Farm Credit System, a financial cooperative that lends to agriculture and rural America. Congress created the Farm Credit System in 1916 to provide American agriculture with a dependable source of credit. Unlike commercial banks, the Farm Credit System and its associations do not take deposits. Instead, loan funds are raised through the sale of Systemwide bonds and notes in capital markets. The funds are channeled back to rural America through a nationwide network of over 100 Farm Credit lending associations located throughout the United States. The Farm Credit Act of 1987 gave the System greater flexibility to change its structure allowing long- and short-term loan services to be consolidated. The result was the ability to consolidate Farm Credit associations (ie: Production Credit Associations - PCAs and Federal Land Bank Associations - FLBAs). It was then that PCAs and FLBAs throughout Indiana, Kentucky, Ohio and Tennessee begin operating under consolidated management and became known as Farm Credit Services. The management of Farm Credit has since merged and today is the largest Farm Credit association in the nation with over $7 billion in loan assets and 65,000 customers. Known as Farm Credit Services of Mid-America, the headquarters is located in Louisville, Kentucky. There are 81 retail lending locations throughout the four states providing loans, leases and financial services for real estate, operating needs, equipment, buildings and rural homes. Based in Louisville, Kentucky, Farm Credit Services of Mid-America is part of the National Farm Credit System, a financial services provider to agriculture and rural America. Farm Credit Service is backed by the strength of over $7 billion in loan assets and is the largest Farm Credit association in the nation serving over 65,000 customers throughout Kentucky, Ohio, Indiana and Tennessee. Farm Credit Service has 65,000 members and 650 employees over the four states. The customers of Farm Credit Service are farmers, agribusinesses, and rural homeowners in these four states. However, agribusiness loans are made nationwide. As a cooperative, Farm Credit Service is owned and guided by our members. All farmers/stockholders, regardless of how big or small their investment, have a vote in electing their leadership. Sixteen representatives of stockholders, plus one non-borrower appointed by the board, comprise the association's board of directors. The board sets policy and governs the association. The board's efforts are supported by over 800 farmers and people in ag-related fields who serve as advisors to each office. Company Information: |
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