Farm Credit Services releases year-end financial results

Lending cooperative continues to witness at double digit growth

LOUISVILLE, KY (April 2, 2007) – In its annual report to members, Farm Credit Services of Mid-America announced earnings of $143.6 million and loan volume growth of 15.4% percent for 2006.  Assets grew to $11.4 billion as a result of expansions in the livestock industry, new real estate acquisitions, business-related investments and increases in lending for the residential farm mortgage business.

In addition to the association’s strong financial performance, Donnie Winters, president and chief executive officer of Farm Credit Services said one of the biggest highlights for the cooperative in 2006 was the addition of three new offices. “We’ve spent the last few years evaluating our delivery channels and deciding what changes were essential to providing better access and better solutions to our members and future customers and found that new offices were warranted in strategic new business markets.  Our process is continuing this year with the addition of at least seven new offices in 2007.”

Winters added that another significant initiative in 2006 was the announcement of a stronger stewardship program.  “Our board of directors strongly endorsed allocating a greater level of financial support toward programs which will ultimately benefit rural America," he said.  The cooperative is starting by introducing a new scholarship program this spring.

About Farm Credit:

FCS is an $11 billion ag financial cooperative serving over 72,500 members throughout Kentucky, Ohio, Indiana and Tennessee.  The cooperative, who celebrated its 90-year anniversary as part of the Farm Credit System in 2006, provides loans and leases for all purposes including farm real estate, operating, equipment and housing loans. They also provide services such as crop and life insurance and leasing. 

For more information:

Randy Barbee
Director of Marketing
502-420-3756  502-741-5214 (cell)
rbarbee@e-farmcredit.com