American AgCredit Purchases Property in Great Bend, Kansas

“We are extremely excited to announce our intentions to build a new facility in Great Bend in order to better serve our customers in Central Kansas. The location at 10th and Patton provides easy access for our customers, and is located in close proximity to several other complementary businesses,” said Roger Bastow, Chief Administrative Officer.

The new Great Bend facility will be approximately 6,300 square feet, and will include offices and conference rooms to support the company’s lending, crop insurance and appraisal businesses in Central Kansas. In addition, the facility will include an 800 square foot conference room that can be made available to customers and agricultural groups needing a convenient place to meet and conduct business. American AgCredit plans to utilize the services of Simpson Construction and SPT Architecture, both of Wichita, Kansas. “We have successfully utilized the talents of these two firms not only for the construction of our new facility in Salina, Kansas, but also the remodeling of virtually all of the company’s offices located throughout Kansas and Oklahoma,” added Bastow.

“We don’t build buildings very often, and when we do, we need to focus on the needs of our customers not only today, but 20-30 years in the future,” said Greg Reno, Regional Vice President. “Land ownership groups and family farming operations are continuing to grow in size, as the farms pass down from generation to generation. We need to have offices that can accommodate these groups for face-to-face meetings, as well as add the capability of video conferencing for members who may not live in the immediate area,” added Reno. “This facility will allow us to accomplish that in a single location.”

Construction will commence on the new facility this spring, with a targeted completion date of the fall of 2014. Total initial employment is anticipated at 10, with the facility housing lending, appraisal and crop insurance staff.

Farm Credit West Extends Irrigation Stewardship Loan Program

As the scarcity of farm water continues in California, Farm Credit West has extended their irrigation stewardship loan program through December 31, 2014. The program is a low cost way to help ensure efficient and environmentally sound water usage by financing projects intended to provide adequate sustainable irrigation, production and processing water supplies.

Farmers, ranchers, and agricultural business owners in need of drilling a new well, repairing a well, or improving their water irrigation system are eligible to apply. The program offers terms up to twenty-five years on loans and seven years on leases with variable interest rates as low as 3% with real estate collateral with no loan origination fees. Applications will be accepted through December 31, 2014. Loans are subject to credit and property approval. Rates, program terms and conditions will be subject to change without notice. Other restrictions and limitations may apply.

President and CEO Mark Littlefield noted “We recognize farmers and ranchers struggle to find consistent, reliable water sources. Our irrigation stewardship loan program will help in their efforts to efficiently and effectively manage this critical resource. Several farmers and ranchers have already benefited from the Irrigation Stewardship Loan Program we began in September 2013 and we hope to assist many others.”

Farm Credit West Pays Borrowers $53 Million in Patronage Dividends

As owners of the financial cooperative, Farm Credit West’s customers have the opportunity to share in the financial success of the cooperative through patronage distributions. Farm Credit West’s patronage program has paid $305 million since the program’s inception in 2002. This year’s patronage distribution is 34% of 2013 net income. Customers can expect to receive their distribution in late February 2014. Board Chairman Blake Harlan noted “The board of directors is committed to ensuring the safety and soundness of the cooperative’s capital and are pleased to again provide a return on the customers invested capital to the farmers and ranchers who helped earn it.”

“The continued success of Farm Credit West is attributed to our “customer comes first” model, growth in agricultural lending and on our continued focus on maintaining a highly efficient operation,” added Mark Littlefield, CEO of Farm Credit West. “Our patronage program distributions reflect the financial strength of Farm Credit West and in-turn our customers are rewarded in cash.”