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NORMAL – 1st Farm
Credit Services, Illinois’ largest agriculture lender, has
reported record earnings and growth in 2007.
The Normal-based association
achieved more than $2.6 billion in loan and lease volume
outstanding, $600 million in new real estate and capital
term loans and provided crop insurance to more than 1.6
million acres of land. The 2007 results were released in the
2007 Annual Report.
“We achieved outstanding
business results in 2007,” said president/CEO Gary J. Ash.
“Last year was an excellent year for the agriculture
industry as a whole. 1st Farm Credit Services did
just as well, achieving record growth and strong earnings.”
1st Farm Credit
Services saw growth in every sector of the association’s
business. The 2007 results far surpass the results achieved
in 2006, which was also a record setting year.
The total loans grew by more
than $450 million and the average daily balance increased by
18.5 percent over 2006 results.
In addition to the record
setting earnings, in February 2008, 1st Farm
Credit Services returned $3.35 million to loan and lease
clients who qualified for patronage. The association’s
patronage program provides a means for the cooperative to
distribute profits to eligible clients of the association.
In 2007, $3.1 million in patronage was distributed to
clients from 2006 earnings.
“Patronage is one way we can
show our appreciation and commitment to our clients,” said
Kevin Aves, 1st Farm Credit Services Board of
Directors chairperson in 2007. “The association’s growth and
achievement are directly related to the relationships that
we create with our shareholders, and being a coop, it's
appropriate to share some of the success our association has
been enjoying with them”
The full Annual Report can be
viewed online at www.usfarmcredit.com.
1st
Farm Credit Services leads the industry in agriculture
loans, risk management products and various services such as
crop insurance, loan and lease options, as well as
agricultural real estate appraisals. The cooperative serves
42 counties in the northern half of Illinois through its 18
local offices.
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