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FarmCreditEast.com
Experiences that led from Farm Kid to CEO
ALSO IN THIS ISSUE:
2020 Director Candidates P.13 SPRING 2020
INSIDE
2 | News & Views
8 | Testimonial
12 | Director Candidates Intro
3 | CEO Column
9 | Patronage
13 | Director Candidates
4 | Cover Story
10 | Public Policy Update
N EW &V IEW S S Message from Farm Credit East Security Officer, Daryn Deveau Insights & Perspectives Be sure to check out Farm Credit East’s 2020 Insights and Perspectives report. This year’s edition provides industry outlooks and insights from both industry experts and Farm Credit East’s knowledgeable staff.
The Association’s highest priority is to protect our customers’ information. A common scam is “Caller ID Spoofing,” which occurs when a caller deliberately falsifies the information transmitted to your caller ID display to disguise their identity. The persons committing this fraud may be seeking personal information such as social security numbers or other personal financial information. Never give out personal information such as account numbers, Social Security numbers, mother’s maiden name, passwords or other identifying information in response to unexpected calls or if you are at all suspicious. If you get an inquiry from someone who says they are associated with Farm Credit East, hang up and call your local branch phone number which is reflected on your account statement or on our Website. Farm Credit East will always verify your identity using specific pre-set security questions before engaging in a discussion about your account.
Farm Credit East’s Customer Assistance Program
• Northeast farm economy
As a customer-owned cooperative, Farm Credit East is committed to providing the services and resources that our members need. That is why we offer a customer assistance program at no cost to you. Farm Credit East customers and family members may access the services of ESI Group by calling 800-252-4555 or visiting theEAP.com. This service, the same that is available to Farm Credit East employees, has a wide range of HR, legal, financial and personal wellness resources available. To use this complimentary service, just indicate that you are a Farm Credit East customer.
• Crop insurance update
Learn more: FarmCreditEast.com/CAP
• 2020 outlooks for the dairy, grain and oilseed, produce, greenhouse and nursery, forestry and fishing industries
Calling All Talented Photographers!
Topics Include: • Leadership for 2020 and Beyond
To view this year’s report, visit FarmCreditEast.com/InsightsAndPerspectives
Submit your photos for a chance to win $100. We’ve received many creative images representing Northeast agriculture and country life from customers, employees and friends over the years. As the weather warms, we hope you’ll get outside to capture images representing modern agriculture, commercial fishing and forest products. Upload your creative shots for a chance to be featured in our 2021 calendar! We look for photos representing Northeast agriculture during every season, so don’t forget to send in the snowy scenes you captured this winter too!
Ready! Aim! Shoot!
Upload photos at FarmCreditEast.com/Calendar Deadline: July 31, 2020 2
FINANCIAL PARTNER
CEO’s MESSAGE
WHAT GETS ME UP IN THE MORNING Mike Reynolds, CEO, Farm Credit East
I often heard people ask my predecessor
In the coming years, we will be
and training. In order to provide the best
Bill Lipinski, “What keeps you up at night?”
implementing other new technology
possible customer experience while also
and now that I’m CEO, people are asking
and processes. While some of these new
remaining efficient, we will be sharing
me the same question. While there are
systems are required for compliance or
work among offices to match tasks with
plenty of challenges in today’s business
security reasons, the primary goal of our
the best person available. So the phone
environment that can cause insomnia, I
new investments is to help us improve the
may get answered or the tax return may be
usually turn the question around and focus
customer experience.
completed in a different office than your
instead on what gets me up in the morning.
local branch, but our customer-focused
Elsewhere in this issue of Financial
culture will not change and we will
Partner, you can learn more about me
continue to ensure customers receive the
and my journey to becoming CEO, but
highest level of service and expertise.
throughout my Farm Credit career I’ve been fortunate to get to know customers from across the association’s territory. I enjoyed the chance to meet with many members last fall as I attended all 20 of our branch office customer appreciation meetings. It’s great to learn about your operations and what’s going on in your
Farm Credit East is financially strong, we have great customers and an outstanding team.
In closing, I appreciate the confidence of the board of directors in choosing me to be CEO. I want to thank Bill Lipinski for his leadership and coaching to help prepare me for this role and thank all the members and the entire Farm Credit East team for their support. Finally, I want to acknowledge our Board Chair, Matt Beaton,
area or your industry and hear about
who has reached his term limit for board
your challenges, your successes and your
service this year. A cranberry grower
families. Being able to spend time with
from Southeastern Mass., Matt has been an
customers is one of the things that gets me up in the morning. The same can be said of our Farm Credit
Some of these tools are designed to
outstanding leader for the organization,
streamline how you interact with us,
successfully guiding Farm Credit East
but we won’t diminish the personalized
through a number of major changes during
East team. As I finish up my first two months
customer service that is the cornerstone
his tenure. On behalf of our team and our
as CEO, I couldn’t be prouder of our team
of our business. In fact, the opposite is
members, thank you for your leadership.
and what they achieved in 2019 and what
true, as we want to free up more of our
they’re poised to do in 2020. Our team
team’s time to spend with customers
of an organization that is well-positioned
stepped up last year as we implemented
to have important conversations about
for success. Farm Credit East is financially
several new platforms, but they made sure
what’s going on in your business, what
strong, we have great customers and an
to continue to take care of customers and
challenges we can help you overcome and
outstanding team. There’s a bright future
achieve outstanding financial results. The
what opportunities we can help you take
ahead for all of us, and that’s what gets me
cooperative had record net income and in
advantage of.
up in the morning.
January the board approved $70 million
I’m fortunate to be taking over as CEO
In today’s digital age, where our team
in patronage dividends that was paid to
members are located is less important
customers in February.
than making sure they have the right tools SPRING 2020
3
Experiences that led from Farm Kid to CEO
4
FINANCIAL PARTNER
Mike Reynolds has spent his entire 30-year career rising through the ranks at Farm Credit East, but originally had a different destination in mind. It has been a winding road leading from his childhood days growing up on a Central New York dairy farm to becoming CEO on January 1, 2020. Despite some unexpected turns along the route, Mike’s experiences on the journey have helped prepare him as he takes over as CEO of Farm Credit East, ready to lead the organization down a road of continued success.
Mike Reynolds grew up on a dairy farm in
So, Mike’s career with Farm Credit began
Cooperstown, N.Y. While the farm wasn’t
when he took a position in the Dayville,
owned by his family, his father had worked
Conn. office in 1990. At that time,
for the owner for many years. The owner
loan officers handled a wide range of
had five children of his own, but he and
responsibilities including completing credit
Mike developed a very close relationship and
analysis, appraisals and tax returns. It was
inspired his passion for agriculture. Mike
during that early part of his career when
hoped to someday play an active role in
he gained a deep understanding of the
running the farm.
contributions that all staff make in serving
After graduating from high school, Mike attended nearby Hartwick College to earn his degree, focusing on business classes
the needs of customers — something that he has continued to appreciate as he has advanced to various leadership roles.
such as management and accounting to
For the next few years, Mike focused on
develop skills that he could bring back to
bringing value to his customers. “The branch
the farm after graduation. However, as Mike
manager at the time told me, ‘Always think
approached his graduation date, the owner
about the business as if it’s your own,’” said
of the farm took him aside and asked him to
Mike. “I took it to mean whether that’s the
do something a bit unconventional.
way you treat the customer or the work
The owner wanted to be certain if Mike returned to the farm, that it was something
ethic you bring, if you treat it like your own, everything will work out in the end.”
he wanted to do, and not something he
As Mike approached the three-year mark of
felt obligated to do. He told Mike he had
working at Farm Credit, the owner of the
to spend three years working somewhere
farm hired a Farm Credit consultant to draft
else to see if he still wanted to return to
a partnership agreement to help facilitate
the farm. He suggested Mike consider job
his return to the dairy operation. However,
opportunities at Farm Credit, as he was on
the final recommendation of the consultant
the board of directors at the time.
was unexpected. It was ultimately decided
SPRING 2020
5
More than just tax preparation Once, as I prepared the tax return for a long-time customer, I noticed they always had a sense for challenging the details of how Farm Credit prepared each year’s tax return. I made a note of this and challenged myself to bring something new to the customer with next year’s return. The following year, I wanted to bring that customer more than just a tax return. I brought him three pieces of advice on how to save him money and return some investment to the farm. When I was done, the customer slapped the table and said, “It’s about time, I’ve been looking for that type of value to be brought to my business!” From that point on, I saw the true value of Farm Credit financial services.
that the agreement between the farm family
stewardship initiatives. These early efforts
and Mike as a partner would probably not
have been taken to great heights by the
be a good fit for either party for a variety
Bridgeton, N.J., office with the New Jersey
of reasons. That experience helped Mike
Agricultural Leadership Fund in memory of
understand the value that Farm Credit’s
former employee Joshua Geary. Today many
financial services can bring, providing
offices host golf tournaments and other
insight and advice that can help change the
events to build community and raise funds
course of a business, or even the course of
for agricultural and local organizations.
someone’s life, in this case his.
growth during Mike’s tenure as branch
working as a loan officer in the Dayville,
manager. The Flemington office territory
Conn., office, and later the Oneonta,
encompasses some excellent farmland and
N.Y., office. Throughout this time, Mike
agricultural areas in northern New Jersey,
continued to keep his focus on customers
but is also heavily influenced by its location
and what he could do to provide value to
near suburban areas surrounding New York
their businesses.
City. For this reason, its agriculture and
The convergence of a new opportunity and his personal life resulted in him moving with his wife Melissa to take a position in
FINANCIAL PARTNER
land prices are tied closely to the general economy, which had a significant setback following the financial crisis of 2008.
the Flemington, N.J., office in 1994 where
The Flemington office, and the whole
he spent the next 24 years of his career,
association, weathered the financial crisis
becoming the Flemington office manager
through prudent underwriting and working
in 1999.
with customers to find the best possible
Mike and his team saw the opportunity to become more involved with community and industry organizations and organized some of the first fundraising events as a complement to Farm Credit East’s other
6
The Flemington office also had tremendous
Over the next several years, Mike continued
outcome for them and Farm Credit East. Mike saw the importance of Farm Credit East being a relationship lender because being able to work with customers who may have had a financial setback or had seen the
value of their assets decline required having strong relationships
Chair, Matt Beaton, said during the Fall 2019 customer appreciation
built on open and honest communication.
meetings, the selection of an internal candidate to be the next CEO
After 14 years as branch manager, in 2013, Mike was promoted to Southern Regional Manager of Farm Credit East, overseeing
reflected the board’s desire for continuity of culture and leadership, and that Mike was the right person for the job.
the Flemington and Bridgeton, N.J., Claverack, Cobleskill,
“To develop the association and culture moving forward, we have
and Middletown, N.Y., branch offices. As the scope of his
to run all decisions through four lenses,” said Mike. “What’s good
responsibilities grew during his time as regional manager, Mike
for our customers, what’s good for the association, what’s good for
realized it was important to stay connected to the staff. He made
our staff, and finally, running the decision through a lens of safety,
it a point to visit with staff at the
regulation and compliance. Putting
offices in his region, to hear their
the customer first and never losing
concerns and have discussions with them about Farm Credit East culture and what it meant to them. “When Mike was regional manager, he visited the office and stopped in to see me on more than one occasion,” said Kirk Williams, a tax consultant in the Claverack, N.Y., office. “He didn’t have to, but during his time as regional manager I always felt like I had his ear and that I could call him at any time. I always appreciated that.” Mike was named as the Chief Business Officer late in 2017 and
When Mike was regional manager, he visited the office and stopped in to see me on more than one occasion. He didn’t have to, but during his time as regional manager I always felt like I had his ear and that I could call him at any time. I always appreciated that.
sight of providing value to them will continue to drive the long-term success of Farm Credit East.” Mike’s philosophy has always been about putting customers first. From the time he started as a loan officer in Dayville, and now as the CEO, the foundation of Mike’s vision is a customer-focused culture. And through all Mike’s years at Farm Credit East, knowingly or unknowingly, the turns he took along the way helped prepare him for the job and pointed him toward the corner office.
since that time has overseen all the credit and financial services functions of the organization. His track record of leadership in the organization led the board of directors to name him as the CEOelect of Farm Credit East in August 2019. His selection was the culmination of a multi-year succession process in advance of Bill Lipinski’s planned retirement as CEO at the end of 2019. As Board
The most memorable loan I’ve ever made It wasn’t the largest loan, nor was it to the biggest operation. Rather, it was a loan to a small farm that came to me with a new venture idea outside of the dairy farm. At first pitch, it sounded like a stretch. It required an investment that would weigh heavily on the business and if it didn’t work out, it would have cost everything. Nonetheless, the farmer put together a business plan which prompted the approval of a small loan to start a supplemental business. It turned into the most profitable venture the farmer had ever taken on and helped him pay off all the farm’s debt all while gaining new experience outside the farming operation. This loan captured the essence of what the Farm Credit partnership with customers should be — enthusiasm, imagination and support of new ways to be successful.
SPRING 2020
7
“
Switching our records to Farm Credit East was easy. They know the farm rules and laws necessary for accurate accounting.
”
ART SPIELMAN, OF SPIELMAN FARM, LLC IN BALTIC, CONN., TURNED TO FARM CREDIT EAST TO ENSURE HIS RECORDS STAYED ACCURATE AND UP-TO-DATE.
BUSINESS SERVICES HIGHLIGHT FINANCIAL RECORD-KEEPING A FULL SUITE OF SERVICES
HOW WE HELPED
Art Spielman has been working on his family’s dairy farm since he
Before transitioning to Farm Credit East’s record-keeping service,
was eight years old. Today, Spielman Farm, LLC, in Baltic, Conn.,
Art’s mother took care of the books. “The tax and payroll laws
has 1,200 cows, milking over 600, and also operates a custom
started to get too complicated,” explained Art. So, the Spielmans
harvesting business. Art’s parents had been utilizing some of
put their trust in the employees at Farm Credit East. “They stay
Farm Credit East’s other services, including credit services and
up-to-date in agricultural tax and payroll laws so that it’s one less
consulting, and when Art transitioned into a management role
thing we have to worry about,” said Art. Additionally, Art says that
several years ago, he decided it would be a good business decision
maintaining all of their accounting services, including payroll
to add payroll and financial record-keeping to the list.
and taxes, in one place has been a huge benefit. Now, Art and his family have more time to focus on the other important aspects of managing their business and are equipped with accurate and timely reports to help guide their decisions.
8
FINANCIAL PARTNER
FARM CREDIT EAST’S PATRONAGE DIVIDEND PROGRAM:
YOUR SHARE IN OWNERSHIP Farm Credit East is a financial cooperative, owned by the
customers we serve and governed by a customer-elected Board of Directors. Our customer-owners share in the financial cooperative’s success through patronage dividends. This cooperative model enables Farm Credit East to offer competitive interest rates up front, and then through continued success, return a share of net earnings to our owners via patronage dividends.
Patronage Paid by Year
$100
$90
$80
What you should know about patronage dividends:
$75
How does patronage impact your interest rate? On average over the past three years, eligible customers have received 21 percent of the interest earned during the year. The level of the patronage payment is based on the interest earned from your loan during the year. The chart below compares a rate from another bank to the Farm Credit East rate with the patronage dividend.
LOAN RATE
PAYMENT TERM
ANOTHER BANK’S TERMS $ 200,000 4.50 % $ 1,265
20
TOTAL INTEREST
Based on a patronage dividend of 21% of interest accrued. This is an example and actual results may vary. Patronage is not guaranteed.
$20
$10
20 19
17 20
20 11 20 13 20 15
07
5
09 20
20
03
20 0
20
01
Customer-owners have earned more than $888 million in dividends from ownership of their cooperative over the past 24 years. In 2020, $70 million from 2019 earnings was paid in February. Special patronage of $15 million and $25 million were paid in October 2018 and 2019, respectively.
PATRONAGE NET DIVIDEND* INTEREST
$ 21,770
9
0
$ 103,672
FARM CREDIT EAST WITH PATRONAGE DIVIDEND $ 200,000 4.50 % $ 1,265 20 $ 103,672 *
$30
20
The Farm Credit East Board evaluates a variety of business factors, including earnings, growth and economic conditions, to determine if it is appropriate to pay patronage dividends in a given year. In evaluating these factors, the Board makes a business determination as to whether Farm Credit East earnings should be returned to customer-owners in the form of patronage dividends or retained on our balance sheet to help us continue serving agriculture, commercial fishing and forest products industries through cycles.
$40
19 9
Is a patronage payment guaranteed each year?
$50
19 97
ww Patronage payments are paid entirely in cash. Payments are taxable, so we encourage recipients to consult with their tax advisors about their specific situations.
$75
$60
In Millions
ww 2020 marked the 24th consecutive annual patronage payment we’ve paid, with $70 million in patronage dividends distributed to more than 11,250 eligible customer-owners. Additionally, in October 2019, Farm Credit East paid a special $25 million patronage dividend based on 2019 earnings.
$7
$70
$ 81,902
$888
MILLION IN DIVIDENDS
SPRING 2020
9
WASHINGTON Update
Tom Cosgrove Executive Vice President for Public Affairs
A Busy End to 2019 and a Look Ahead to 2020 In the Fall issue of Financial Partner, I
different situation than a year ago when a
speculated about the impact the upcoming
partial government shutdown lasted 35 days
Presidential election and impeachment
into late January 2019.
proceedings would have on some of the major policy issues that were pending at the end of 2019. I wondered if the political headline issues
Another important recent policy development was the approval of USMCA,
AGRICULTURAL LABOR Also, in December the House passed
which passed the House in December, the Senate in January, and was signed into law
the Farm Workforce Modernization Act,
on January 29, 2020. This agreement among
would mean everything else in Washington
HR 5038, by a vote of 260-165, supported
the three countries to replace the North
would grind to a halt. The good news is that
primarily by Democrats, but also by 34
American Free Trade Agreement (NAFTA)
there was some progress on a number of
Republicans. The bill enjoyed strong
needs to be ratified by all three countries to
fronts at the end of 2019 and early in 2020.
support in the Northeast with all but two
take effect. Canada still has to approve as of
In this column, I’ll recap those developments
Representatives from Farm Credit East’s
the writing of this column.
and provide an outlook for 2020.
seven states voting in favor. This bipartisan bill would make three
GOVERNMENT FUNDING
The legislation to approve USMCA had strong bipartisan support passing the
major changes: providing an adjustment to
House 385-41 and the Senate 89-10. While
the status of existing workers, expanding
a majority of Northeast Representatives
1st without Congress completing any
the current H-2A seasonal agricultural
and Senators supported the agreement, the
of the 12 appropriations bills that fund
worker visa program so it can be used by
support was not as strong as for the Farm
the federal government. Two temporary
employers with year-round labor needs,
Workforce Modernization Act with 17 out of
spending bills were needed to bridge the
such as dairy farms, and phasing in the
57 Representatives who voted, and five out
gap until just before Christmas, when
mandatory use of the e-verify program to
of 14 Senators opposing the measure, many
the House and Senate both passed two
confirm the legal status of workers.
citing the fact that the agreement did not
Fiscal year 2020 started on October
separate funding bills—the President signed
10
U.S.-MEXICO-CANADA AGREEMENT (USMCA)
The bill now goes to the Senate, and
address climate change.
the bills December 20, 2019, to avert a
while the outlook for this year is uncertain,
government shutdown. The two bills fund
passing the House with strong bipartisan
agricultural groups as it promises to provide
the government through the remainder of
support was an important step forward for
increased access for several commodities
the fiscal year, September 30, 2020, a very
this legislation.
including providing additional access to
FINANCIAL PARTNER
USMCA was strongly supported by most
U.S. FARM EXPORTS TO CHINA $35 $30
$ Billions
$25 $20 $15 $10 $5 $0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
the Canadian dairy market and requiring
This agreement also includes a
LOOK AHEAD TO 2020
changes to its Class 6 and 7 milk pricing
commitment by China to make additional
regulations which have been a concern
purchases of U.S. goods and services,
much legislation gets completed in an
to the U.S. dairy industry. In general, the
including $80 billion of food and
election year. That doesn’t mean there
enactment of USMCA will help preserve
agricultural products over the next two
won’t be legislative activity, with members
the trade benefits under NAFTA which
years, as well as some structural changes
introducing bills and holding hearings as
would have been at risk if the U.S. had not
that amounted to non-tariff barriers that
members seek to highlight their priorities.
approved USMCA and pulled out of NAFTA.
prevented China from fulfilling previous
Although the impeachment proceedings
One Northeast member played a major
The conventional wisdom is that not
import commitments. In return, the U.S.
have been completed, the expectations
role in getting the agreement approved,
has agreed to modify its tariff actions in a
are low for completing major legislation
House Ways and Means Committee
significant way and drop its designation of
according to many Washington observers.
Chairman Richard Neal (MA-1). Chairman
China as a currency manipulator.
Neal led negotiations with U.S. Trade
Despite the progress contained in the
There may, however, be a push in the House of Representatives on an
Representative Lighthizer to make changes
Phase 1 agreement, some tariffs remain on
infrastructure initiative. Farm Credit East’s
to the agreement to satisfy concerns of
each side that are still to be resolved. The
national trade association, the Farm Credit
House Democrats.
U.S. first imposed tariffs on imports from
Council, is leading a broad coalition called
China based on its policies and practices
#RebuildRural advocating for including
related to technology transfer, intellectual
rural priorities in any package that gets
CHINA PHASE I TRADE AGREEMENT
property and innovation. The U.S. will be
moved forward, and hopefully there will
development is the signing of the China
Another recent trade policy
maintaining 25% tariffs on approximately
be movement in the Senate on the Farm
Phase 1 trade agreement on January 15,
$250 billion of Chinese imports, along with
Workforce Modernization Act. These will be
2020. As part of the agreement, China has
7.5% tariffs on approximately $120 billion of
two legislative initiatives that Farm Credit
agreed to work toward structural reforms
Chinese imports.
East will continue to track along with any
and other changes to its economic and
It may be difficult to achieve the stated
trade regime in the areas of intellectual
increases in agricultural product purchases
property, technology transfer, agriculture,
as they are significantly greater than the
financial services, and currency and foreign
historical level of purchases as shown in
exchange as well as instituting a dispute
the accompanying graph, nonetheless the
resolution system.
easing of trade tensions with China is a
other emerging issues in 2020.
positive development. SPRING 2020
11
2020 Candidates for the Board of Directors On behalf of the nominating committee, Farm Credit East is pleased to present the 2020 candidates for the association’s board of directors. There are three open director seats to be elected for four-year terms, and six qualified candidates seeking election to these seats.
• One from the Eastern Region
• One from the Central Region
• One from the Western Region
At the close of the current election cycle, the Farm Credit East board will consist of 16 directors: 13 elected directors, one appointed customer director and two appointed outside directors.
THE Board The Farm Credit East board sets a clear direction for the cooperative on behalf of all customer-owners. The board works closely with CEO Mike Reynolds to set policy, establish long-term business plans, evaluate business results and provide feedback to the management team. It does not make day-to-day management decisions, including actions on individual loans or matters relating to employees.
THE Nominating Committee The nominating committee is composed of 23 Farm Credit East members and 23 alternates. The association membership elects the nominating committee at the annual stockholders meeting. This committee works hard to identify qualified candidates to ensure that the association attracts a skilled and diverse board. In addition, the committee makes every effort to recommend two qualified candidates for each open seat.
ELECTION Process You’ll find the information you need to make an informed voting choice for the 2020 Farm Credit East board of directors, including: An annual meeting information statement, which voting members received in the mail This article’s profile of each candidate Information on our website at FarmCreditEast.com/DirectorElections Ballots will be mailed to voting members after the annual meeting on March 23, 2020.
EVERY Vote Counts! This is your opportunity to express your voice in ownership and direction of the cooperative. By voting, you convey your continued commitment to Farm Credit East and thanks to fellow members who are seeking election to the board. The following overview information is provided by each candidate.
12
FINANCIAL PARTNER
SEAT ONE
Nominated from the Eastern Region: Auburn, Bedford, Bridgeton, Dayville, Enfield, Flemington, Middleboro, Presque Isle and Riverhead offices. Two candidates are running for a four-year term. Business Experience: Co-owner and
challenge to grow and succeed. I feel being
cooperatively manages crop production,
elected to the board would provide an
marketing, and sales at Buck Farms since
opportunity to ensure that Farm Credit East
1998. Buck Farms is a 1,000-acre cash crop
continues to strive and succeed.
and potato farm founded in 1958. Barry is also co-owner of Maine Malthouse, LLC, founded in 2015, a provider of malting grains to local breweries and distilleries as well as adding value to other grains.
Why I am seeking election to the Board: I have been a borrower of Farm Credit for over 20 years and have had the opportunity to serve on both the Customer Service Council and the Nominating Committee. Through these
Leadership/Community experience: Member of the
opportunities, I have gotten a closer look
Presque Isle Customer Service Council
at the value that Farm Credit East provides
and former member of the Eastern Region
their customers. I look forward to having
Nominating Committee. Barry also serves
the ability to give back to an institution
as chair of the Mapleton town board and is
that has helped my operation through its
Buck Farms
a former president of the Central Aroostook
growing business needs over the years.
198 Grendell Road,
Young Farmers Association.
Mapleton, ME 04757
Why Farm Credit is critical to my business: Farm
Barry Allan Buck
BuckFarms.net
Credit East is our financial partner. Without this cooperative, it would be a much greater
Business Experience: CEO and Partner of Olson’s
Why Farm Credit is critical to my business: As a
Greenhouses Inc., a wholesale greenhouse
long-standing voting member of Farm Credit
grower and producer of horticultural
East, I have watched and benefitted from the
products with 60 employees year-round
expertise of an agriculturally focused financial
and 40 seasonally. Matt is responsible for
institution. My businesses have grown from
day-to-day operations and overseeing Olson’s
the strategic direction of company leadership
senior management. Matt also holds an MBA
through low interest rates, patronage
in finance from Northeastern University
dividends and a detailed knowledge and
and over the past three years has produced
understanding of my businesses.
an award-winning agricultural educational
Matthew J. Piscitelli Olson’s Greenhouses, Inc. 590 South Street East Raynham, MA 02767 OlsonsGreenhouses.com
documentary on daffodils.
Why I am seeking election to the Board: For 15 years,
Leadership/Community experience: Middleboro
done business with Farm Credit East, while
Customer Service Council member and
also representing the Middleboro branch on
former member of the Eastern Region
the Nominating Committee. I want to take
Nominating Committee. Matt is currently
my commitment to the association to a place
a director of the Massachusetts Flower
where I can positively impact the direction
Growers Association and a Vice President
and focus of our organization. It would be
and board member of Marathon Daffodils, Inc.
an honor to serve as an elected director and
I have been an agricultural producer that has
something I would like to dedicate my time and efforts towards. SPRING 2020
13
SEAT TWO
Nominated from the Central Region: Burrville, Claverack, Cooperstown, Greenwich, Middletown and Potsdam offices. Two candidates are running for a four-year term. Business Experience: Founder and President
Why Farm Credit is critical to my business: Farm
of Sunset Meadow Farm, LLC, a 155-acre
Credit East provides financial and support
farm including 40 acres of vineyard and a
services specific to agriculture that are
farm winery. George handles administrative
vital to the operation of our business.
duties, winemaking and several vineyard
Access to capital, tax, accounting and other
functions.
financial services are critical, especially for
Leadership/Community experience: Serves on the
George Motel
board of directors and executive committee
Why I am seeking election to the Board: Farm Credit
for IGA USA, immediate past president
East has been very helpful in my company’s
of the Connecticut Vineyard and Winery
growth. It is important to me that Farm
Association, appointed member of the
Credit East continues to be there for the
Connecticut Farm Wine Development
next generation, and I am at a point in my
Council and appointed member of the
life where I want to offer my experience
Goshen Agricultural council. George is
towards achieving that goal.
Sunset Meadow Farm, LLC
also a past chair of the Connecticut Food
599 Old Middle Street
Association and past vice chair of the Food
Goshen, CT 06756
small businesses.
Industry Alliance of NY.
SunsetMeadowVineyards.com
Business Experience: General and Financial
Why Farm Credit is critical to my business: Farm
Manager of Sheland Farms LLC, handling
Credit East is essential for Northeast
bookkeeping, business management and
agriculture to stay vibrant and competitive.
business leadership. Doug runs the 1,800-acre
The cooperative’s reliable credit and
family dairy operation milking 980 cows
services and its strong voice to support
alongside his brother, Todd and two sons,
agriculture in state and national
Devon and Erik.
governments is critical to my business and
Leadership/Community experience: Current Farm
Douglas W. Shelmidine Sheland Farms, LLC 12043 County Route 79 Adams, NY 13605
14
FINANCIAL PARTNER
all agriculture and rural communities.
Credit East Director, serving on the Audit
Why I am seeking reelection to the Board: Farm Credit
Committee. Doug has also served on
East is an essential part of the future of
the NY Farm Bureau board of directors,
Northeast agriculture, providing stability and
chair of the Jefferson County Agricultural
opportunity through its lending and services.
Farmland Protection Board and chair of the
I have the skills, knowledge, experiences,
Jefferson County Agricultural Development
time and commitment to contribute to the
Corporation. He served 10 years on the
cooperative and its members.
USDA-NRCS Agricultural Air Quality Taskforce and is a graduate of LEAD NY Class III.
SEAT THREE
Nominated from the Western Region: Batavia, Cortland, Geneva, Hornell and Mayville offices. Two candidates are running for a four-year term.
Business Experience: Skip is the retiring senior
Why Farm Credit is critical to my business: In 2013,
partner of Walnut Ridge Dairy, LLC, along
my three partners signed a note buying a
with Steve Palladino, John Fleming and
portion of my ownership in the business,
Keith Chapin. The farm milks 1,600 cows
and soon thereafter we built a rotary
and operates 2,200 acres. Skip assists in
milking parlor. These two actions combined
strategic planning, machinery operation
with the downturn of the dairy economy
and general farm maintenance.
over the past few years put our farm under
Leadership/Community experience: Current Farm Credit East Director, serving on the Governance Committee and former member of the Cortland Customer Service
financial stress. However, Farm Credit East has remained an extremely strong lender. Their willingness to work with us has made it easier to manage through difficult years.
Council. Skip currently serves on the
Why I am seeking reelection to the Board: I am
US Dairy Export Council, the American
seeking reelection to help with the
Dairy Association board and the Dairy
transition of our new Farm Credit East
Walnut Ridge Dairy
Management Inc. board. In the past, Skip
CEO, to further enhance the profitability of
100 Brown Hill Road
has also served on the NYS Dairy Promotion
Northeast farming, fisheries and forestry,
Advisory board, and the boards of Dairylea
and to communicate the importance of the
and Dairy Farmers of America.
US dairy industry to the Farm Credit System.
Business Experience: Partner at Kreher’s Poultry
powerful bridge enabling farms to access
Farms and related entities, producing
credit markets by aggregating a large
conventional and organic eggs across
group of farmers in a cooperative so we
three farms totaling approximately two
can organize and operate our own credit
million hens.
institution and afford exemplary staff to run
David “Skip” Hardie
Lansing, NY 14882
Leadership/Community experience: Batavia Customer Service Council and former
it. The capital provided by Farm Credit East has allowed our operation to grow to the fourth generation.
member of the Western Region Nominating
Brett D. Kreher Kreher’s Farm Fresh Eggs, LLC 5411 Davison Road
Committee. Brett is chair of the Erie County
Why I am seeking election to the Board: I have
Ag and Farmland Protection board and
valuable experience and time to commit
serves on the Town of Clarence Municipal
to Farm Credit East. I have worked at
Agricultural and Farmland Protection Plan
our farm for over 30 years, giving me
Committee. Previously, Brett served as
substantial experience in large-scale
president of the Erie County Farm Bureau.
production agriculture, both conventional
Why Farm Credit is critical to my business: Farm Credit East understands the unique
Clarence, NY 14031
financing needs of modern farms in times
KreherEggs.com
of growth and in challenging times.
and organic. I am eager for the challenge of being a valuable board contributor and to grow professionally.
Farms need access to capital for numerous reasons, and Farm Credit East acts as a SPRING 2020
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FINANCIAL PARTNER is for the customers, employees and friends of Farm Credit East. Farm Credit East is a customerowned lending cooperative serving the farm, commercial fishing and forest products businesses in Maine, New Hampshire, Massachusetts, Connecticut, Rhode Island, New York and New Jersey. Part of the national Farm Credit System, Farm Credit East is a full-service lender dedicated to the growth and prosperity of agriculture.
Farm Credit East 240 South Road Enfield, CT 06082-4451
PRSRT STD U.S. Postage PAID Permit No. 690 Springfield, MA
Address Service Requested
HOW TO REACH US: Whether you want to praise us, complain, ask our advice or just let us know what’s on your mind, we’d like to hear from you. WRITE: K ristie Matuszewski, Editor, Farm Credit East, 240 South Road, Enfield, CT 06082-4451 CALL: 860.741.4380 E-MAIL: kristie.matuszewski@farmcrediteast.com ©2020 by Farm Credit East, ACA. All rights reserved. Farm Credit East is an affirmative action, equal opportunity employer. FINANCIAL PARTNER is printed on recycled paper.
2020
SCHOLARSHIPS
DON’T DELAY. APPLY TODAY. Farm Credit East awards $1,500 scholarships each year to qualified students who are committed to a career in agriculture, commercial fishing or the forest products industry. We make our decisions based on your essay, experience, course of study and extracurricular activities. As part of this program Farm Credit East supports diversity scholarships.
ELIGIBILITY
APPLICATION
• Students must have a permanent address within Farm Credit East’s territory. • Students must be pursuing post high school education (full-time) in fall 2020 leading to a career in agriculture, commercial fishing or the forest products industry. • Individuals demonstrating through their career plans, experience, program of study and extracurricular activities, significant progress toward and a clear intention for a career in agriculture, forestry or commercial fishing.
Visit FarmCreditEast.com/Scholarship for more details and an application. Individuals that have previously received a scholarship from Farm Credit East or predecessor organizations are ineligible to receive a scholarship under this program.
Disclosure of ethnic origin is purely voluntary and only required to be considered for a diversity scholarship.
Only applications submitted online will be accepted.
DEADLINE Submit your complete application electronically on FarmCreditEast.com by April 2, 2020.