CEO’s MESSAGE
“
It has been an adjustment, but I’ve appreciated how the team has adapted, persevered and continued to serve customers.
” PASSING THE TEST WITH
RESILIENCE Mike Reynolds, CEO, Farm Credit East The last several months have tested us
adaptability and resilience of our members
contact. We have too. We’ve started to bring
all. When the COVID-19 pandemic escalated
in the face of adversity. On behalf of the
our team back to our offices, have resumed
in March, nobody could have predicted the
entire Farm Credit East team, we salute you.
farm visits and are developing plans to allow
scale and scope of its impact as schools,
I’ve seen the same resilience among
customers to come to our offices. As with
businesses and many parts of the economy
our Farm Credit East team. In March, with
the resumption of most activities, there
and society began to shut down.
just a few days’ notice, about 80% of our
will be limitations as we continue taking
But like health care workers, first
team began working from home, many
appropriate precautions for the safety of our
responders and other essential personnel,
while caring for elders or young ones, or
staff and customers.
the men and women in agriculture, forest
homeschooling their children. It has been
products and fishing were on the front lines,
an adjustment, but I’ve appreciated how the
to ensuring Farm Credit East remains your
working to provide the food, fiber and other
team has adapted, persevered and continued
reliable financial partner in good times and
products our communities rely on.
to serve customers.
bad. This year has certainly put that to the
While adjusting operations to keep
One of the highlights of this issue is
Your board of directors is committed
test. We’re pleased that we have been able
themselves, their families and employees
recognizing our 32 scholarship winners
to match the Federal Reserve’s interest rate
healthy and safe has been a challenge
who are planning careers in food and
movements and lowered variable rates by
unto itself, we know many customers are
agriculture, forestry, fishing, or a related
1.5% since April. We’ve also provided an
also facing financial strain. We want to
field. It’s encouraging to learn about their
advance on 2020 patronage to provide some
assure you that Farm Credit East’s financial
goals, and although they’re pursuing higher
additional cash flow this summer. We have a
strength allows us the capacity and
education at a difficult time, they’re moving
range of products, services and expertise to
flexibility to work through each customer’s
ahead with their plans and inspire us to
support your business, so please contact us
situation on a case-by-case basis to arrive at
do the same. The optimism of this next
to find out how we can help.
the best possible outcome.
generation gives me confidence for the
Despite the challenges of the last few months, I’ve been inspired by our
It’s too early to declare victory over the
future and we’re proud to support their
pandemic, but we certainly haven’t been
educational endeavors.
defeated. We’ve passed the first test, and
customers’ response. In this issue of
It appears we’ve emerged from the
Financial Partner, you’ll read some
worst of the pandemic and we look forward
Farm Credit East team and the talented next
compelling stories about how Farm
to returning to normal business operations,
generation, I’m confident we’ll pass any
Credit East customers have adapted their
but it will take time. As a lender and
tests yet to come.
operations, helped their neighbors and
financial services provider whose business
continued to serve their communities in
is built on long-term relationships, we know
a variety of creative ways. It shows the
many of you have missed that in-person
with the resilience of our customers, the
SUMMER 2020
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