CEO Column

PASSING THE TEST WITH “ ” It has been an adjustment, but I’ve appreciated how the team has adapted, persevered and continued to serve customers. RESILIENCE

Mike Reynolds, CEO, Farm Credit East

The last several months have tested us all. When the COVID-19 pandemic escalated in March, nobody could have predicted the scale and scope of its impact as schools, businesses and many parts of the economy and society began to shut down. But like health care workers, first responders and other essential personnel, the men and women in agriculture, forest products and fishing were on the front lines, working to provide the food, fiber and other products our communities rely on.

While adjusting operations to keep themselves, their families and employees healthy and safe has been a challenge unto itself, we know many customers are also facing financial strain. We want to assure you that Farm Credit East’s financial strength allows us the capacity and flexibility to work through each customer’s situation on a case-by-case basis to arrive at the best possible outcome.

Despite the challenges of the last few months, I’ve been inspired by our customers’ response. In this issue of Financial Partner, you’ll read some compelling stories about how Farm Credit East customers have adapted their operations, helped their neighbors and continued to serve their communities in a variety of creative ways. It shows the adaptability and resilience of our members in the face of adversity. On behalf of the entire Farm Credit East team, we salute you.

I’ve seen the same resilience among our Farm Credit East team. In March, with just a few days’ notice, about 80% of our team began working from home, many while caring for elders or young ones, or homeschooling their children. It has been an adjustment, but I’ve appreciated how the team has adapted, persevered and continued to serve customers. One of the highlights of this issue is recognizing our 32 scholarship winners who are planning careers in food and agriculture, forestry, fishing, or a related field. It’s encouraging to learn about their goals, and although they’re pursuing higher education at a difficult time, they’re moving ahead with their plans and inspire us to do the same. The optimism of this next generation gives me confidence for the future and we’re proud to support their educational endeavors. It appears we’ve emerged from the worst of the pandemic and we look forward to returning to normal business operations, but it will take time. As a lender and financial services provider whose business is built on long-term relationships, we know many of you have missed that in-person contact. We have too. We’ve started to bring our team back to our offices, have resumed farm visits and are developing plans to allow customers to come to our offices. As with the resumption of most activities, there will be limitations as we continue taking appropriate precautions for the safety of our staff and customers.

Your board of directors is committed to ensuring Farm Credit East remains your reliable financial partner in good times and bad. This year has certainly put that to the test. We’re pleased that we have been able to match the Federal Reserve’s interest rate movements and lowered variable rates by 1.5% since April. We’ve also provided an advance on 2020 patronage to provide some additional cash flow this summer. We have a range of products, services and expertise to support your business, so please contact us to find out how we can help.

It’s too early to declare victory over the pandemic, but we certainly haven’t been defeated. We’ve passed the first test, and with the resilience of our customers, the Farm Credit East team and the talented next generation, I’m confident we’ll pass any tests yet to come.