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Association News  Find out more about Central Texas Farm Credit in our latest edition of Landscapes. Central Texas Farm Credit Makes Another Capital Distribution in 2011 COLEMAN, TX - The board of directors of the Central Texas Farm Credit, ACA, which serves a 20 county area in Central and West Texas, has announced that it has declared another cash patronage distribution to eligible association borrowers for fiscal year 2010. This marks the eighteenth consecutive year the association has returned excess capital to its borrowers. Including this year’s patronage, Central Texas Farm Credit, ACA has distributed over $40 Million in excess capital to its borrowers over the past 18 years. This capital has been distributed either through patronage distributions, dividends, stock reductions, or stock equalizations. Patronage distributions alone have accounted for over $30 Million of the total amount of capital returned to association borrowers. This year’s $3.2 Million patronage was distributed to borrowers on March 18, 2011 and, on an average across the entire core loan portfolio, amounts to a full one percent reduction in the rate of interest borrowers paid on their loans during 2010. In making the announcement, board chairman Brent Heinze stated that the board of directors and management were delighted to once again reduce the cost of borrowing to the association’s stockholders and emphasized that this is only one of the many benefits of obtaining agricultural and rural area credit from the Central Texas Farm Credit, ACA. He noted that the association’s financial strength allows the board and management to maintain an efficient and profitable operation and to continue the policy of returning excess earnings back to our shareholders. Association CEO Boyd J. (Jimmy) Chambers also noted that despite the adversity some financial institutions continued to experience in 2010, Central Texas Farm Credit, ACA remains financially strong and able to once again make a patronage distribution for the benefit of our stockholders. The Central Texas Farm Credit, ACA, with over $395 Million in loan assets, provides financing for agricultural, rural housing and certain agri-business purposes in Central and West Texas. Association headquarters are located in Coleman, with branch offices in Brownwood, Brady, Haskell and San Angelo. Board members include Brent Heinze, Robby Halfmann, Cody Richmond, Jerry Don Klose, Philip Hinds, Mike Finlay, Mickey Dillard, Wayland Shurley, and Glenn Miller. The board and management remain committed to maintaining the financial integrity of the association while offering competitive loan products that meet the financial needs of all eligible borrowers. Central Texas Farm Credit Controller/Treasurer, WASHINGTON, D.C. - With a very small percentage of the U.S. population actively engaged in farming, it’s becoming increasingly important for those in agriculture to educate the urban and suburban population about the industry’s significant contribution to the economy. This was the message Secretary of Agriculture Tom Vilsack shared with Central Texas Farm Credit Controller/Treasurer Alan Benedict and other participants in the 2010 Farm Credit Association Leadership Program during a recent meeting in Washington, D.C. Alan Benedict, who works in Central Texas’ Coleman office, was among the program’s 19 participants who traveled to New York City and Washington, D.C., recently to get a “behind the scenes” look at how Wall Street and Capitol Hill impact the Farm Credit System. While in New York, the delegates toured a Wall Street brokerage firm that trades Farm Credit debt. They also visited the Federal Farm Credit Banks Funding Corporation in New Jersey and met with CEO Jamie Stewart. The group then traveled to Washington, D.C., where they met with the board of the Farm Credit Administration. The whirlwind week concluded with a breakfast meeting with the National Council for Farmer Cooperatives, where they heard from Secretary Vilsack, followed by congressional visits on Capitol Hill. Employees met with Senate Agriculture Committee staff and visited their respective congressional offices to talk about the value Farm Credit provides rural America.
Benedict has been the controller/treasurer for Central Texas Farm Credit, ACA for the past six years, and has been employed by the Farm Credit System since 1975. “The Farm Credit Association Leadership Program was a great opportunity to learn more about the Farm Credit System and the relationship it shares with the Federal Farm Credit Banks Funding Corporation and Farm Credit Administration,” Benedict said. |
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© 2012 Central Texas Farm Credit, ACA | Equal Housing Lender |
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