leader FARM CREDIT OF CENTRAL FLORIDA
A LOOK INSIDE... Carlton Family Ranch: A Sound Ranch Business Plan Includes PRF Rescuing Future Winners We’re Moving! New Headquarter Building
SUMMER 2019
Greetings! As the summer heat arrives and we prepare for summer trade organization meetings, many of our members wind down after a season of hard work. We are having another successful year at Farm Credit and thank you for your continued support of the cooperative. In this edition of the Leader, you will hear more details about our new Lakeland headquarter building, receive an introduction to our newly elected board members, get an update on the first meeting of our newly formed Member Advisory Committee and more. We hope to see you at your commodity’s trade show or annual meeting this summer and hope you enjoy quality time with family and friends. Enjoy,
R E G G I E H O LT
PRESIDENT AND CEO
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LEADER is published quarterly for stockholders, directors and friends of Farm Credit of Central Florida.
PRESIDENT Reginald T. Holt BOARD OF DIRECTORS W. Rex Clonts, Jr., Chair Keith D. Mixon, Vice Chair Daniel T. Aprile Robert M. Behr Jenny R. Black C. Dennis Carlton, Sr. William L. Klinger Randy L. Larson David A. Mereness Randall E. Strode Ronald R. Wetherington
INSIDE THIS ISSUE 4 6 9 10 12
Carlton Family Ranch: A Sound Ranch Business Plan Includes PRF Dialogue with Graduates: Planning for Success Relay for Life Rescuing Future Winners Association News
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EDITORS Tory Moore, Director of Marketing Shannon Fry, Marketing Coordinator Allyson Polston, Marketing Coordinator PUBLISHER AgFirst Farm Credit Bank DESIGNERS Joey Ayer Phereby Derrick Athina Eargle PRINTER Sun Solutions
Address changes, questions, comments or requests for copies of our financial reports should be directed to Farm Credit of Central Florida by writing P.O. Box 8009, Lakeland, FL 33802-8009 or calling 863-6824117. Our quarterly financial report can also be obtained on our website: www.FarmCreditCFL.com
CARLTON FAMILY RANCH
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RESCUING FUTURE WINNERS
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CARLTON FAMILY RANCH LEADERS (FROM RIGHT TO LEFT) DENNIS CARLTON JR., DENNIS CARLTON SR. AND PATRICK THOMAS.
CARLTON FAMILY RANCH: A SOUND RANCH BUSINESS PLAN INCLUDES PRF The Carlton family operates a six-county cow-calf operation across wide spans of acreage in central Florida, based in Hillsborough County. The family has been ranching for multiple generations. The ranch is run by father, Dennis Carlton Sr.; son, Dennis Carlton Jr. and son-in-law, Patrick Thomas. They are eighth-generation Floridians with a passion for raising healthy cattle and conserving pasturelands. Dennis Carlton Jr. knew his entire life that he wanted to work in the family cattle business. As soon as he could, he was working at the ranch in the summers. Upon graduating from the University
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of South Florida with a degree in finance in 2007, he worked for the ranch full-time and has worked on the ranch ever since. “Someone has to carry the torch,” Dennis Jr. said. “There are less and less people returning to the farm. We are blessed and fortunate to have a good relationship, work good together and mesh well.” Managing expansive acreage has its fair share of risk. Dennis Jr. shared some of his tips for mitigating risk as a large cow-calf operator. One of the primary ways the ranch mitigates risk is through Pasture, Rangeland, and Forage (PRF) crop insurance. The
PRF TIPS •
Take advantage of the patronage refunds Farm Credit offers to crop insurance customers.
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Farm Credit of Central Florida PRF customers have access to real-time and historical rain fall data and financial returns for their own grids to base coverage level decisions on.
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Build a good relationship with your agent and rely on them to help you understand the policy and how to maximize the insurance benefits.
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The PRF policy gives you options. You can pick and choose your coverage level and what areas you want to cover.
THE RANCH’S ENTRANCE IN DOVER WELCOMES GUESTS.
Carlton family has purchased PRF crop insurance for over 10 years and considers crop insurance an important part of their business. Droughts bring ranchers increased feed costs, an increased need for labor, low pregnancy rates and other challenges. This is where PRF can help mitigate these costs. “PRF crop insurance is a great tool for us to manage our risk,” he said. “When there is a drought our costs go up and this helps manage that risk. You’ll never know when there might be a drought, but you can be prepared with PRF crop insurance.” Another unique benefit of purchasing crop insurance from Farm Credit of Central Florida is the patronage refunds. “Right off the get go part of your premium is given right back to you, which none of the other insurance companies do,” Dennis Jr. said. With Farm Credit, the crop insurance process is easy. There is not extensive record keeping for this policy, it is very simple and Farm Credit crop insurance agents guide you through the process. “PRF can be overwhelming to people without a lot of interaction with your crop insurance agent,” he said. “I could see a lot of folks trying to keep up with this on their own and you can’t. Having a good rapport and relationship with your agent to keep your finger on the pulse is key. There is so much good data out there now and you can study these grids to maximize the benefit of this insurance. Having an agent that can help you with that is important.”
ON THE RANCH, YOU WILL SEE A VARIETY OF WILDLIFE INCLUDING THIS FAMILY OF SANDHILL CRANES. The obligation to pay patronage is established by Farm Credit of Central Florida, ACA’s bylaws and board resolutions. Distributions are made only if capital requirements are achieved. Only eligible borrowers can participate in the Patronage Refunds Program.
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DIALOGUE WITH THE GRADUATES: PLANNING FOR SUCCESS One of the pleasures of my academic career has been working with Farm Credit University’s Ag Biz Planner Program designed for young and beginning agriculture producers. Over 1,000 participants have completed the business and financial management classes consisting of 10 online courses. Recently, we talked via videoconference with two graduates of the program, who discussed how they have applied this education to their agriculture businesses and the subsequent benefits. We’ve pulled out some highlights from the conversation to demonstrate the value of planning for success. Benefits they gained include:
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Financial insight A major benefit of the program for these graduates was gaining insight on finance, whether the knowledge was applied to their business or while working with their lender. They both agreed that farming was more fun when the business generated positive cash flow. They both benefitted from: • Developing projected cash flows and monitoring the results. • Taking the principles and concepts stored in their heads and applying them on paper. • Using spreadsheets with different price, cost and production scenarios. • Having a record of the expected timing of revenues, expenses, debt service and operating loan needs, which was invaluable when navigating the current business environment where there is a surprise around every corner.
Structured record-keeping
Building a network
Another benefit of the program was a more structured approach to record-keeping. Writing down records such as yields, weight gain, cost, and production during hectic times allows this information to be entered into electronic records at a later date. These records can be used to track performance over time and assist in developing projections and assumptions for the future. The records also were used to pinpoint mistakes, such as lost production, missed marketing opportunities or expense overruns.
Perhaps one of the most significant benefits for these participants was the ability to network with other young farmers, often outside their specific industry segments. They were able to network both online and at special face-to-face meetings. These relationships have lasted many years after graduation. As one graduate said, “In these difficult and challenging times, it was nice to be able to reach out to others who are facing similar issues.” Recently, a speaker at an agriculture conference said: “A business mindset and high business IQ will drive bottom line profits in the future.” These two graduates learned that firsthand from the Ag Biz Planner program. If you’re thinking of enrolling in this program, keep these tips in mind for success:
Improved communications A huge benefit of the educational program was that it improved overall communication. Workbook application exercises required the graduates to ask critical questions and have crucial conversations in areas such as finance, marketing and transition management. Improved communication with spouses concerning finance and the direction of the business was an additional direct benefit. As a result of the program, they also had increased communication with their lenders, suppliers and advisory teams. Understanding business financials and operations created a side-by-side trust factor, allowing them to work through growth opportunities and decide when to cease operations of an unprofitable enterprise of the business.
Strategies for improvement The graduates enjoyed the ability to benchmark their business performance to other similar agribusinesses. This allowed them to focus on their strengths and develop strategies for improvements. Another useful strategy they learned was to build cash reserves in profitable years to provide room for error during growth or when financial hiccups occur.
• Set aside time and resources to follow through on assignments so you can receive optimum benefits from the program. • The results are better if you do not wait until the last minute to complete assignments for your business. • Apply the program materials in your business operations to find blind spots. • Take advantage of the program’s collaborative spirit. Having another set of eyes on your business plan provides a mechanism for prioritizing opportunities. Ag Biz Planner takes time and commitment, but the peace of mind more detailed planning can bring is invaluable for your business.
David Kohl received his M.S. and Ph.D. degrees in agricultural economics from Cornell University. For 25 years, Kohl was a professor of agricultural finance and small business management and entrepreneurship in the Department of Agricultural and Applied Economics at Virginia Tech in Blacksburg, Va. He was on special leave with the Royal Bank of Canada working on advanced initiatives for two years, and also assisted in the launch of the successful entrepreneurship program at Cornell University. Kohl is professor emeritus in the AAEC Department at Virginia Tech.
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WHAT IS FARM CREDIT EXPRESS? Farm Credit EXPRESS is a competitively priced equipment financing program supported by Farm Credit and available at your local dealer. Financing is available for farm equipment, irrigation systems, and equine and commodity trailers. Why Farm Credit EXPRESS? • Easy, on-the-spot financing • Allows you to take advantage of cash discounts from the manufacturer for new equipment • Used equipment programs • Decisions within minutes • Fixed-rate loan products • Leasing options • Service and support from a local lender • The opportunity to share in our profit-sharing patronage program
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To find a dealer near you, visit farmcreditexpress.com
Relay for Life On March 29, our association participated in “Relay for Life Plant City.” The overnight event lasting from 6 p.m. to 6 a.m. was held at Plant City High School as a fundraiser for the American Cancer Society. The theme for the event was Florida, with our team’s theme being Florida Agriculture. We sold fresh boiled peanuts prepared by President and CEO Reggie Holt until midnight. During the early morning hours, our team sold parfaits donated by M&B Products, topped with Florida berries. In addition, staff members created themed baskets and sold raffle tickets for opportunities to win. In total, our team raised $401 during the event, bringing our team fundraising total to $6,277, over $1,200 more than our team fundraising goal! Throughout the night, staff and their families participated in festivities including a kiddie parade lap, a hat contest, the Mr. Relay pageant, and more. Credit Administrator Alyssa Weaver brought her daughter, Clarke as our “kiddie” cowgirl during the kiddie lap. Accountant Sherri Mundo created our tractor for the road to recovery vehicle themed lap, in which she participated. In preparation for the event, staff members raised funds individually and through team activities and challenges. Staff donated funds as a charitable donation for “Jean Day” Friday where employees can wear jeans for a charitable donation. Departments and branches were broken into teams and competed in Penny Wars, a game where each team collects pennies for points, but if another team puts other coins or paper money in
the jar, points are deducted. At our bi-annual staff meeting, employees volunteered to be pied with a whip cream pie. Raffle tickets were sold to staff so they could place their ticket in a bucket for a chance to pie someone. Employees shared many laughs during this playful fundraising activity. Our team was recognized as a Gold Team for raising over $5,000. Out of 51 total teams, we placed ninth in total funds raised. We were first place for company funds raised. Additionally, we were honored as one of four All Star teams. This designation is reserved for teams who have raised $4,000 or sponsor the event, have two survivors on their team, have an average of $100 raised per team member, and have at least 10 team members become Cancer Action Network (CAN) members. CAN is the branch of American Cancer Society that fundraises and lobbies for cancer research efforts. Our staff worked hard to reach this status and we are proud of the efforts that the team put in. Our staff enjoyed participating in Relay for Life and we look forward to next year’s Relay for Life. A special thank you to our team captain, Glenda Tomlinson, for all of her hard work! If you would like to watch our video recap of the event, visit https://vimeo.com/327713380.
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RESCUING FUTURE WINNERS RACHAEL VISITING MONTY IN HIS STALL AT WEST COAST MORGANS BEFORE HIS FIRST SHOW ON MAY 11.
Growing up surrounded by equestrians, Rachael Winograd developed her passion for horses at an early age. She began riding at age two and entered the show ring at age four. Rachael cares for and shows Morgan horses in three divisions. She is an accomplished equestrian, and currently holds two world championship titles and several national championships. Rachael is the daughter of Anne and Glenn Winograd, owners of West Coast Morgans, Inc. and Farm Credit of Central Florida members. West Coast Morgans is an equestrian facility located in Odessa, specializing in Morgan horses. The facility provides riding, driving, training, boarding, lessons for all levels of rider, and horse camps. In addition, West Coast Morgans offer clinics, horse shows, and corporate events. Now a 16-year-old sophomore in high school, Rachael has taken entrepreneurship courses teaching her about fundraising projects and developing business plans. Her school requires a community
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service project, so when she learned about a herd of 18 Morgan horses surrendered to Marion County Animal Services, she knew it was meant to be her project. “I owe everything to Morgans because they’ve helped me reach everything I’ve had and everything I’ve accomplished,” Rachael said. “It’s all because of them.” Rachael committed to adopt one horse and developed a clear plan to provide it with six months of medical care, feed, housing, training, and rehabilitation, eventually leading to rehoming the animal. She made inquiries, and started the process with a GoFundMe campaign and a trip to Ocala. Rachael picked her first rescue horse, but unfortunately, he passed away before she could adopt him. She then chose a kind 12-year-old Morgan mare she named Pumpkin, who she brought home in November of 2018. While adopting Pumpkin, Rachael fell in love with a stallion named Monty. Monty went to a friend’s farm to be gelded so he would be safe for
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I want to help unwanted horses do more than survive, I want them to have a better life.
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RACHAEL WINOGRAD RACHAEL MEETING MONTY, A MORGAN STALLION SHE CHOSE TO RESCUE AND REHABILITATE.
Rachael to handle and work with when he returned to West Coast Morgans. So far, Rachael has raised $2,109 for this project and adopted two horses. The first, Pumpkin, came in matted and in need of love, but was safe for kids to groom and work with. It did not take long to see Pumpkin’s improvements. After medical care, food, grooming, and a bit of training, Pumpkin became an obedient, happy and healthy horse. Pumpkin was rehomed just before the six-month deadline and is living a happy life. Monty, the other rescue is still in training, and nearly ready to be ridden. He was shown for the first time on May 11 in hand. “I want to help unwanted horses do more than survive, I want them to have a better life,” Rachael explained. Rachael will finish Monty’s rehabilitation and rehoming process before she moves to the next horse. She hopes to continue rescuing horses from the Morgan herd that remain at Marion County Animals Services, and plans to continue rehabilitating unwanted horses until she goes to college. Rachael enjoys helping people and animals and plans to study to become a veterinarian or a dermatologist. In addition, she has discovered an interest in business. She plans to expand her business skills to prepare her for potentially owning her own clinic. Farm Credit of Central Florida is proud to support the next generation of agricultural entrepreneurs and congratulates Rachael on her efforts. If you would like to donate to Rachael’s GoFundMe page, please visit www.gofundme.com/ help-save-a-horse-from-the-kill-pen.
RACHAEL WORKING WITH PUMPKIN, THE MORGAN MARE SHE RESCUED IN NOVEMBER 2018.
RACHAEL RIDING PUMPKIN DURING A TRAINING SESSION AT WEST COAST MORGANS.
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ASSOCIATION NEWS
WE’RE MOVING! COMMUNITY PARTNERSHIP BRINGS NEW FARM CREDIT OF CENTRAL FLORIDA HEADQUARTER BUILDING
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ASSOCIATION NEWS
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We are so excited for this new office space,” Reggie Holt, president and CEO of Farm Credit of Central Florida said. “We know this will elevate our current employee experience and relationship with the community. We look forward to the positive change it will bring the organization and how we work.
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t this year’s annual stockholder’s meeting, Farm Credit of Central Florida announced the development of a new headquarters office with plans to relocate in late 2020. Farm Credit will occupy half of the 40,000-squarefoot office space located on East Orange Street and Tennessee Avenue. This project is part of the recently announced downtown parking project. The building is attached to a garage that will create an additional 700 spaces for professionals and city workers in the downtown Lakeland area. “We are so excited for this new office space,” Reggie Holt, president and CEO of Farm Credit of Central Florida said. “We know this will elevate our current employee experience and relationship with the community. We look forward to the positive change it will bring the organization and how we work.” The project started with the garage development as a partnership between Aspyre Properties, City of Lakeland, Lakeland Regional Heath Systems and MidFlorida Credit Union and has been in the works for over three years. Downtown Lakeland has not seen a project of this kind in more than 40 years. “The story behind our connection to Aspyre Properties, the developer of this project, is unique. It is steeped in a legacy and dates back to the late-
1960s,” Holt said. “Wesley Beck’s father was the president of Farm Credit of Central Florida from 1967 to 1989. He knows Farm Credit and understands our mission. We could not think of a better partner for this venture.” “My dad spent his entire career with Farm Credit, over 30 years,” Wesley Beck, president of Aspyre Properties, said. “I grew up my whole life around Farm Credit. I know the system, I am actually a shareholder. All of the makings for a good relationship are there.” David Buckner of Buckner Commercial Properties, a leader in commercial and industrial office space, and the Lakeland Economic Development Council helped connect Farm Credit of Central Florida and Aspyre Properties for this project. “My long-term relationship with Farm Credit is very important; we have been working together for over 15 years,” Buckner said. “It has been a fantastic relationship over the years and we are pleased to be a part of this.” This project is part of many downtown improvements as part of the Lakeland Economic Development Council’s vision for downtown Lakeland. Farm Credit is excited to be a part of this project and relocate to the core downtown area! Stay tuned for more details and announcements as the construction progresses.
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ASSOCIATION NEWS
KLINGER, APRILE AND BEHR WERE ELECTED AT THE ANNUAL STOCKHOLDER’S MEETING TO SERVE ON OUR BOARD OF DIRECTORS.
BOARD OF DIRECTORS ELECTED AT 2019 ANNUAL MEETING At our 2019 Annual Meeting, Robert M. Behr, William L. Klinger and Daniel T. Aprile were elected by Farm Credit of Central Florida stockholders to serve on the board. C. Dennis Carlton, Sr. was reelected to serve on the board. Each year, Farm Credit of Central Florida conducts a business meeting to provide Association updates and allow eligible stockholders to vote for the individuals they wish to serve on the Farm Credit of Central Florida Board of Directors for the upcoming term and the individuals who will serve on the Nominating Committee for the upcoming year. C. Dennis Carlton Sr. was reelected to the board to serve another term expiring in April 2022. Carlton has been on the Farm Credit of Central board since 2004. “We are excited to welcome new members to our board,” Reggie Holt, Farm Credit of Central Florida President and CEO, said. “These industry leaders bring a wealth of agriculture and cooperative experience to our board and I look forward to working with them.”
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DANIEL (RIGHT) AND BLANCA GUTIERREZ, WINNERS OF A YETI COOLER WITH VONDA FULWOOD (LEFT), LEAD RESIDENTIAL LOAN OFFICER.
ASSOCIATION NEWS
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These industry leaders bring a wealth of agriculture and cooperative experience to our board and I look forward to working with them.
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PRESIDENT AND CEO REGGIE HOLT
Meet Our New Board of Directors William L. Klinger William L. Klinger was elected to the Board in April 2019. Klinger is treasurer of Brantley Nurseries, Inc., an ornamental horticulture nursery with over 265 acres across multiple locations in two states and headquartered in Winter Garden. Klinger is the past state president of the Florida Nursery, Growers and Landscape Association. His principal occupation and employment for the past 35 years has been with Brantley Nurseries.
Daniel T. Aprile
REGGIE HOLT, PRESIDENT AND CEO, ADDRESSES ATTENDEES DURING THE ANNUAL MEETING ON APRIL 9.
T. Evans, Ronald E. Gainey and Laurence E. Swindle were elected to serve on the 2020 Nominating Committee. Richard F. Hoffman and Nathaniel H. Jameson are alternates. Director John Langford was remembered for his faithful service to the association. Langford was a chair to the AgFirst board of directors and served our association for over 13 years. Langford was a diligent member of the board, serving until Feb. 15, 2019. Mary Kay Langford accepted a gift in his honor. He will be remembered by the association for his efforts and the lives he enriched. Robert Roberson was recognized for his retirement from the board of directors. Mr. Roberson joined the board in 1997 and helped see the association through the recession. As a director, he was a member of AgFirst District committees and served as a chair to the association’s board of directors.
Daniel T. Aprile was elected to the Board in April 2019. Aprile is manager of Golden A Cattle Company, LLC, and Aprile Farms, Inc., located in Tampa. Aprile is a member of the Hillsborough County Independent Oversight Committee and on the Hillsborough County Economic Development Council. His principal occupation and employment for the past five years was with Golden A Cattle Company, LLC and Aprile Farms, Inc.
Robert M. Behr Robert M. Behr was elected to the Board in April 2019. Dr. Behr is the CEO of Citrus World, Inc., and its subsidiaries, World Citrus West, Inc., Florida’s Natural Growers, Inc. (FNG), Florida’s Natural Food Service Inc., Citrus World Services Inc. and Hickory Branch Corporation, a citrus growing, processing and marketing organization. Behr is also a member of the CoBank board of directors. His principal occupation and employment for the past five years has been as the CEO of Citrus World, Inc., and its subsidiaries.
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ASSOCIATION NEWS CONTINUED FROM PREVIOUS PAGE
This year, more than 200 people were in attendance including eligible voting stockholders and their family members, government officials, industry leaders and FFA members. Thank you to those in attendance this year. We look forward to seeing you next year!
CROP INSURANCE: THE SAFETY NET YOU NEED
MARY KAY LANGFORD ACCEPTED A PLAQUE ON BEHALF OF JOHN LANGFORD IN REMEMBRANCE OF HIS YEARS OF LOYAL SERVICE TO THE BOARD. REX CLONTS (LEFT), CHAIR OF THE BOARD, AND REGGIE HOLT (RIGHT), PRESIDENT AND CEO, PRESENT HER WITH THE AWARD.
Patronage: Share in our profits with patronage refunds. They reduce the cost of a crop insurance policy and save you money, all while protecting your livelihood. Coverage for your agribusiness loans: Crop insurance lowers production risks and protects against catastrophic losses. Confidentiality: Your confidentiality is of the upmost importance. With our top-of-the-line cybersecurity, your private information remains secure. Expertise in Agricultural Risk Management: Simply put, we know agriculture. Our in-depth working knowledge of your operation allows us to craft an accurate policy that maximizes your risk protection.
Upcoming closing dates! November 15: Pasture, Rangeland, Forage (PRF) November 15: Apiary November 20: Blueberries
CONTACT US TODAY! ROBERT ROBERSON (MIDDLE) WAS RECOGNIZED FOR HIS YEARS OF SERVICE AS HE RETIRED FROM THE BOARD OF DIRECTORS. REX CLONTS (LEFT), CHAIR OF THE BOARD, AND REGGIE HOLT (RIGHT), PRESIDENT AND CEO, PRESENT HIM WITH A PLAQUE.
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Your loan officer or Regina Thomas | 863.682.4117 Certain limitations, conditions and exclusions apply. Please refer to the policy for more details. The obligation to pay patronage is established by the Association’s bylaws and board resolutions. Distributions are made only if capital requirements are achieved. Only eligible borrowers can participate in the Patronage Refunds Program.
THE NEWLY FORMED MEMBER ADVISORY COMMITTEE HELD THEIR FIRST MEETING IN MAY AT THE LAKELAND HEADQUARTERS OFFICE.
NEWLY FORMED MEMBER ADVISORY COMMITTEE CONDUCTS FIRST MEETING On May 16, the Farm Credit of Central Florida Member Advisory Committee met for the first time for a detailed orientation on the association’s operations and the Farm Credit System. The committee meets two to three times a year and provides ongoing feedback to the board and management on specific market needs and recommendations on how to meet these needs and improve the customer experience. Committee members serve as ambassadors for the Association and the Farm Credit System at community, state and national levels. In addition, they will be provided educational and leadership opportunities to enhance the pool of prospective board of director candidates for the nominating committee. The May meeting served as an orientation to the committee members, providing an inside look at the association’s operations and business plan. The committee elected their chair, Leigh Ann Wynn, and vice-chair, Kyle Story. The next meeting takes place in September where the committee will help help management and the board of directors develop the 2020 strategic business plan.
Member Advisory Committee Members Area A (Polk, Osceola or Brevard): Deeley Hunt Timothy Schaal Kyle Story Leigh Ann Wynn Area B (Hillsborough, Pinellas, Pasco, Hernando, Sumter or Citrus): Madison Astin C. Dennis Carlton Jr. Hilda Castillo Mallory Lykes Dimmitt Area C (Orange, Lake, Seminole or Volusia): Erin Archey Max Mercer Matt Roberts Ty Strode
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ASSOCIATION NEWS
2019 STAFF AWARDS Farm Credit of Central Florida works to attract, motivate and reward a high-performing and diverse workforce. Congratulations to these outstanding staff members for their achievements.
Outstanding Service
Kerrie Dubberly
Outstanding Team
AgVUE
Outstanding Lender
Vonda Fulwood
EMPLOYEE ANNIVERSARIES 1 Year
5 Years
25 Years
Shannon Fry Destiny Blake Erica Frye Johan Dam*
Tory Moore
Joy Register
10 Years
30 Years
Janet Harrison
Gayle Yanes
*1 year since returning to Farm Credit of Central Florida
NEW HIRES Lenoira Keyes Lenoira joined Farm Credit of Central Florida as a commercial loan processor. She will be working out of our Lakeland office. She was born in California but raised on the East Coast. Lenoira graduated high school in Jacksonville, Fla. She has worked in the financial/ mortgage industry for over 20 years. She previously worked at GTE Financial and before that HSBC Mortgage Services for 15 years. In her spare time, she enjoys going to the beach and shopping. She also likes spending time with her 14 mini doxies and four cats.
$6.2 MILLION CASH PATRONAGE DISTRIBUTED FOR 2018 Farm Credit of Central Florida’s Board of Directors declared $6.2 million in patronage dividends to qualified borrowers. “Refunding patronage to our members is important to them,” said Farm Credit of Central Florida CEO Reginald Holt. “It helps reduce their overall interest rate and strengthens their relationship with our association as a cooperative.” Each year, the board of directors review financial information for the association to determine the patronage distribution amount. Qualified borrowers of our cooperative receive their portion of these patronage dividends. Farm Credit of Central Florida’s patronage refunds have steadily increased since 2014. Since 1988, the association has declared patronage refunds exceeding $167 million. “Agriculture is facing tough times, especially after recent natural disasters,” Reggie Holt, president and CEO said. “We are here for our members through good and bad times and are excited to return significant profits to them to help them through these tough times.” The association’s bylaws obligate the association to distribute patronage to qualified borrowers when available. Patronage distribution each year is contingent on the association meeting capital standards. If the requirements are met, eligible borrowers may participate in the patronage refund program. CASH PATRONAGE REFUNDS $ $
3.2
2014
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4.0
2015
$
4.3
2016
$
$
6.2
4.6
2017
2018
GET THE LEADER IN YOUR INBOX! Get instant access and stay current with Association and industry news, stories and events by having the Leader delivered to your inbox. To sign up for electronic access, visit farmcreditcfl.com/leader
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Farm Credit of Central Florida P.O. Box 8009 Lakeland, FL 33802-8009
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PRSRT STD U.S. POSTAGE
PAID
COLUMBIA SC PERMIT 1160