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"We Understand" Scholarship Program |
Farm Credit Services of Illinois
All the news, information and predictions we receive each day can be confusing. Wouldn’t it be great if we just had a crystal ball that could help us understand something about the future? The media is filled with pessimism concerning the economy, energy prices, dollar valuation, subprime woes, employment, the war and on and on. Yet here we are; American agriculture standing tall and prosperous in this swamp of despair. How can that be possible, where does that lead us and how long will it last? That’s what all of us would like to know. Certainly everyone has concerns over escalating input costs, rents and land values. But at least for the present, the high commodity prices have those items covered and then some. Now is the time to capitalize on opportunities and manage risks. The favorable ag economy has resulted in a strong demand for most of the products and services your cooperative provides. 2007 was a record year for loan growth and our crop insurance services also grew considerably as more operators decided to utilize this very important risk management tool. Over the past three years we have increased the number of crop insurance specialists and added professional support staff. Our specialists are knowledgeable of all crop insurance products and we are positioned to provide you with professional services that are second to none in the industry. Higher input costs, land turnover and higher land values resulted in significant demand for loans during 2007. For comparative purposes, our loan portfolio has grown at an average annual rate of 11.3% for the years 2000-2006. For 2007 the portfolio grew more than $395 million or 24.5%. The quality of the loan portfolio including the new growth is exceptional. Your Board of Directors and management are committed to providing competitive interest rates and a selection of loan products not available at other lenders. The association remains financially strong and well positioned to meet the capital needs of your operations. 2007 was a record year and 2008 is off to another great start. These are exciting times and you represent one of the few bright spots in the US economy. It’s a privilege to serve you and work for an organization that is helping an industry that is essential to the well being of individuals at home and around the world. While we can’t control the economic environment, we can provide you with quality loan products, risk management tools and exceptional service. You own this organization and your Board of Directors, management and staff are proud to serve you. Spring is around the corner and we are all excited about making 2008 another record year. Sincerely,
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