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FIN PA ANC RT IA NE L R
GIVING BACK TO OUR COMMUNITIES FA L L 2 0 2 1
2 | News & Views
10 | Stewardship Milestones
17 | Director Elections
INSIDE
3 | CEO Column
12 | Customer Appreciation Meetings
18 | 2022 Calendar
4 | Cover Story
14 | Employee Milestones
19 | Public Policy Update
N E & W V IE S WS Thank You! We Value Your Feedback! As an owner of the cooperative, your feedback on our service and processes is imperative to ensure we are best serving your credit and financial services needs. Traditionally, we have obtained feedback in many ways, including through customer meetings and on-site visits, local customer service councils, and the customer-elected board of directors to name a few — and we value that feedback. To more effectively capture customer feedback, we are using Qualtrics software to implement a structured, ongoing customer survey strategy to obtain your real-time feedback when our service is top of mind, such as following a loan closing or other transaction. We value your time, so the survey will be concise and quick to complete. When you receive a feedback request via email from Feedback@FarmCreditEast.com, we hope that you’ll respond with honest feedback. Your responses will help us continually improve our processes to best serve your business needs.
Thank you to those who opted to receive regulatorily required materials, including the recent merger packet, electronically going forward. As a cooperative, the funds we operate with are ultimately yours, and electronic delivery of materials such as the annual report and annual meeting information statement will provide significant savings that can be reinvested in your cooperative and will allow us to continue to pay strong patronage dividends. We plan to provide customers additional opportunities to opt for electronic delivery for savings on future mailings. For those who’d like to continue receiving hard copies, we’re happy to keep you up to date in whatever format you choose.
Lipinski Rural Initiatives Award In early 2020, the Farm Credit East board of directors established the Lipinski Rural Initiatives Award in conjunction with Bill Lipinski’s retirement as CEO. The award aims to honor Bill’s service to Farm Credit customers and Northeast rural communities. For 2022, Farm Credit East and its strategic partner CoBank have committed a combined $50,000 to individuals, organizations or institutions that are undertaking innovative and transformational efforts to revitalize Northeast rural communities. Submit a nomination: FarmCreditEast.com/Rural Nomination deadline: January 31, 2022
Farm Credit East’s Customer Assistance Program 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, family members and employees 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. Learn more: FarmCreditEast.com/CAP
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FINANCIAL PARTNER
CEO’s MESSAGE Mike Reynolds, CEO, Farm Credit East
YOUR PARTNER INTO THE FUTURE Northeast AgEnhancement and the
we launched an improved online banking
cooperative! In late November, customer-
This is an exciting time for your
FarmStart program (learn more
platform, allowing you more access to
stockholders overwhelmingly approved
about both programs later in this issue).
manage your loans and the option to
the proposed merger of Farm Credit
This issue’s cover story discusses
receive billing statements electronically.
East and Yankee Farm Credit. We
stewardship, often referred to in
We are also implementing tools and
thank everyone who participated in
corporate governance as Environmental,
processes on our end to provide our team
this important vote. As two financially
Social and Governance (ESG). ESG is
more time to spend with you discussing
strong cooperatives who have partnered
increasingly important to our investors,
your business needs and goals. We plan
together on programs and initiatives
partners, team members and the
to roll out additional tools over the next
for many years, we look forward to
association as a whole. The cover story
several years to further enhance your
combining our expertise and resources
highlights our ESG efforts, including
experience doing business with us.
to be a stronger partner for Northeast
several organizations we have supported
Customer relationships remain the driver
agriculture, commercial fishing and forest
and our team members’ involvement
of our digital strategy and these various
products into the future.
in community and agricultural
tools aim to enhance those relationships.
The merged association will begin
organizations. This is an area you’ll
And, of course, at the core of
operations as Farm Credit East, ACA,
continue to hear more on as we plan to
this strategy is the security of your
on January 1, 2022. Our team has been
grow our ESG efforts in 2022, especially
information. We continue to see an
working diligently over the past several
as it relates to environmental stewardship
uptick in cyber threats and scams, but we
months on our transition plan, and while
and diversity, equity and inclusion.
have the safeguards in place, including
we still have some work to do as we
Governance is another area of focus.
extensive staff training, to ensure your
officially bring our teams together, this
We will welcome three of Yankee’s
information remains secure. This will
merger won’t impact your day-to-day
board members to our board in January.
continue to be an area of highest priority.
interactions with our team. Your branch
Their backgrounds and experience will
office remains the same. Your relationship
bring additional industry knowledge
excited for the year ahead as we are. I
team remains the same. However, over
and insights to Farm Credit East and our
look forward to welcoming Yankee Farm
time we look forward to extending to
members. Additionally, three seats are up
Credit staff and customers as part of the
our members the benefits of increased
for election on the Farm Credit East Board
Farm Credit East family the first of the
loan diversity, a stronger capital base and
in 2022. The nominating committee will
year. This is an exciting milestone to
enhanced earnings.
hold their meeting in early January to
ensure we have the capacity to remain
advance a slate of candidates for customer
your trusted financial partner into
aim to expand our commitment to the
consideration. Learn more about the
the future.
industries and communities we serve.
election process on page 17 of this issue.
As we head into the new year, we
Stewardship is important to both Farm
Finally, with our expanded team and
Credit East and Yankee Farm Credit,
resources, we look forward to growing
and an area we have partnered in for a
our relationship with you. We continue
number of years through Farm Credit
to advance our digital journey. In 2021,
In closing, I hope you are all as
Wishing all a happy and healthy holiday season. We look forward to growing our relationship into 2022.
FALL 2021
3
GIVING BACK
Committed to our staff, our customers — and the communities we serve
“The job of supervising or taking care of something” is how stewardship is defined in the dictionary. Farm Credit East’s role as steward is one it takes seriously — in fact, it’s part of our organizational DNA. Whether it’s serving our customers and the industries in which they operate or contributing to the communities where our customers and staff live, the entire Farm Credit East team is committed to giving back.
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FINANCIAL PARTNER
C O V E R Farm Credit East’s stewardship efforts can be equated with
S T O R Y
Farm Credit East Cares is also an important effort started by
the acronym “ESG,” which stands for Environmental, Social
Farm Credit East employees in 2011 to provide financial assistance
and Governance, and has become a term of art in corporate
to farmers and agricultural organizations in need. Over the past 10
governance — shorthand for the non-financial considerations
years, this program has contributed more than $854,000 to various
of investors as they decide whether to invest in a company. ESG
Northeast charities and disaster relief efforts as well as direct
factors include an organization’s environmental footprint, how it
support to members who have been impacted by a natural disaster
treats its employees, and policies regarding diversity, equity and
or other hardship.
inclusion. But it’s not just investors who consider ESG factors.
Another core aspect of Farm Credit East’s social focus is on
Other stakeholders, including policymakers, are increasingly
young, beginning, small and veteran farmers, fishermen and
focused on organizations’ ESG programs.
forestry producers. In addition to offering discounts on various
According to the Global Sustainable Investment Alliance’s
financial services to producers who fall within these categories,
biennial review, global sustainable investment has grown to
Farm Credit East also offers next generation management training
$35.3 trillion in the major financial markets (U.S., Canada, Japan,
through its GenerationNext program, along with scholarship
Australia and Europe), which is 15% more than in the 2018
programs for FFA participants, higher education students and
report and accounts for more than a third of all professionally
agricultural educators.
managed assets in those regions. And while some may dispute
Farm Credit East’s commitment to the next generation of
the magnitude of that number or what it includes, there is
agriculture doesn’t stop there. In 2006, the FarmStart program
no disputing that ESG is becoming a major focus of boards of
was initiated to provide the working capital for beginning
directors, including Farm Credit East’s.
entrepreneurs to get started in agriculture, commercial fishing or
To dive further into the meaning behind this acronym, let’s
forest products. Since the first investment was approved 15 years
start with environmental. This ESG pillar considers how a company
ago, FarmStart has invested more than $15 million with over 300
performs as a steward of the environment. Our summer Financial
entrepreneurs across the Northeast. Learn more about FarmStart
Partner cover story titled, “Stewards of the Land,” highlighted
and the other Farm Credit East programs celebrating milestones in
the environmental stewardship efforts of farmers and forestry
2021 on page 10.
producers across the region. Supporting producers’ conservation
Finally, governance addresses a company’s leadership, internal
practices and efforts to combat climate change is a core focus
controls and shareholder responsibilities. As a customer-owned
of the cooperative. Farm Credit East has been proud to assist
cooperative, our governance structure is critical to ensure we
customers as they invest in new technologies and environmentally
have representation of members from across the territory and
friendly practices to lessen their carbon footprint and is currently
industries we serve. Each year, we hold director elections in which
considering changes to an existing environmental loan program to
all stockholders receive the opportunity to nominate candidates
further those efforts. We are also a strong supporter of programs
and vote for all open seats on the board of directors. The board
such as the Leopold Conservation Award in New York and New
serves as the voice of membership, so it is imperative stockholders
England, which recognizes agricultural producers’ conservation
participate in these elections each year. Once elected, the board
efforts. Most recently, we committed financial support to a
serves an important role in representing the interests of members,
partnership with American Farmland Trust and CoBank on a
ensuring the association’s strategic direction will benefit the
regenerative agriculture project in the Pioneer Valley.
association and its members, and reviewing key financial metrics
The social aspect of ESG, which includes the association’s relationship with employees, customers and the communities
to safeguard the longevity of the cooperative. ESG is a key focus of our board of directors. In 2020, our board
where it operates, has been a longtime focus of Farm Credit East.
of directors reorganized their committee structure to combine
In fact, 2021 marks milestones for multiple Farm Credit East
stewardship and governance into one committee to make sure its
programs focused on stewardship and community support.
goals and objectives align. The board plans to build on Farm Credit
The Farm Credit Northeast AgEnhancement Grant program, a partnership between Farm Credit East, Yankee Farm Credit and
East’s many existing ESG initiatives in the coming years. To sum up, whether it’s called ESG or stewardship, Farm
CoBank, was established 25 years ago to support projects that
Credit East is committed to being a positive influence in the rural
promote and enhance the region’s agricultural community. Since
communities we serve. In the pages that follow, we’ll focus on the
its 1996 inception, the program has provided more than $2.8
social aspect of our ESG story, highlighting a few programs and
million in grant funding to over 1,000 projects.
initiatives we’ve supported in recent years to ensure the vitality of our team, our customers and the communities where we live and work. FALL 2021
5
CURRICULUM FOR AGRICULTURAL SCIENCE EDUCATION (CASE) Case4Learning.org Established in 2009, CASE is a project of the National Council for Agricultural Educators, managed by the National Association of Agricultural Educators, which integrates science, technology, engineering and math (STEM) concepts with hands-on, inquiry-based learning at the high school level. The CASE curriculum offers students four pathways: animal science, plant science, agricultural engineering and natural resources, along with an ag business foundations module, developed with support from Farm Credit East, that can be incorporated within any of the pathways. CASE institutes provide professional development for educators to offer this coursework in high school classrooms. “CASE is critical to our agriculture teachers nationwide because of its academically STEM-infused instructional content. It provides them with rigorous instruction to prepare students for technical and scientific areas of agriculture,” said Nancy Trivette, director of the National CASE Initiative. Of the more than 3,000 teachers CASE has certified nationwide, just over 200 are from the states Farm Credit East serves. And over the past five years, Farm Credit East has provided more than $90,000 in scholarships to more than 100 Northeast teachers. “The scholarships are critical to the success of CASE nationwide,” said Nancy. “Often it provides the seed money that is crucial for a teacher to obtain supplemental funding to take advantage of a CASE opportunity.” Nancy also noted Farm Credit East’s investment in the ag business foundations course. “That course is truly the result of Farm Credit East’s investment, and in my opinion, a great delivery model of foundational business concepts available to agriculture teachers,” she stated. Farm Credit East is committed to the next generation of agriculture, and it’s through support of efforts such as CASE that the industry’s future leaders obtain the necessary skills to be successful.
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FINANCIAL PARTNER
THE FOOD PROJECT TheFoodProject.org In 2021, The Food Project, a Boston area organization working
about 100 community beds per year), and then Root Crew, which
to create a thoughtful and productive community of youth and
includes more specialized agricultural work. Students are paid in all
adults who work together to build a more just and sustainable
tracks of the program, and Anne noted a recent alumni study found
food system, celebrates 30 years. Since its founding, the
how transferrable the skills learned are into other fields, including
organization has aimed to empower youth leaders to seek change
the many who pursued agricultural fields. To date, The Food Project
in the food system by equipping them with skills in agriculture,
has graduated over 1,800 youth among the three tracks.
critical thinking and public speaking.
Alongside youth leadership development, The Food Project
“We bring together high school students and provide them
grows about 200,000 pounds of food each year, of which half is
with a level playing field to partake in meaningful work,” said
donated to hunger relief partners or sold at affordable farmers’
Anne Hayes, executive director of The Food Project. “The best
markets that participate in Supplemental Nutrition Assistance
part is the students get to see the products they grow go to people
Program (SNAP) and the Massachusetts Healthy Incentives
experiencing food insecurity.”
Program (HIP).
Students from the city and surrounding metro areas first
In addition to engaging the next generation, a core component
participate in a six-week program called Seed Crew, which
of Farm Credit East’s ESG focus is expanding access to fresh,
includes time spent farming, learning about the food system, and
healthy food. Anne noted that only 7% of people who are eligible
interacting with farmers and each other to get to know people
for SNAP are aware of HIP, so The Food Project provides extensive
who are different races, gender identities, socioeconomic classes,
HIP education, marketing and outreach to expand awareness, of
etc. Once a week, the students also work with hunger relief
which Farm Credit East contributed funds in 2021.
partners, including soup kitchens, food pantries and transitional housing, to chop veggies or clean raised beds.
Anne concluded, “When organizations like Farm Credit East give us a few thousand dollars, we’re able to increase awareness,
Students can later graduate to participate in Dirt Crew, leading farm tours or constructing raised beds (the organization builds
which opens doors for people to have better access to food, and it’s really amazing.”
EMPLOYEE SPOTLIGHT
Mark Kiriluk
Senior Loan Officer, Brid
geton, N.J.
After attending a New Jersey Agricultural Society event, Mark joined class 10 of the New Jersey Agricultural Leadership Development Program. Following graduation, he wanted to be more involved with the New Jersey Ag Society, so he became treasurer of the organization in 2017 — a position he has held ever since. Through programs such as Farmers Against Hunger, which gleans surplus products from farms, grocery stores and wholesalers to distribute to those in need, and the Learning Through Gardening program, which provides New Jersey elementary and preschools with grants to build vegetable gardens and trains teachers to use those gardens as outdoor classrooms, the New Jersey Agricultural Society aims to preserve and enhance farming and agriculture throughout the Garden State.
F A L L 2 0 2 10
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BUFFALO GO GREEN BuffaloGoGreen.org Buffalo Go Green was founded with the mission to enhance
Buffalo Go Green partners with a number of organizations
wellness in underserved communities by way of improving access
to further their mission, including Northeast SARE, Cornell
to healthy food. At its core, Buffalo Go Green is an urban farm, but
University, Buffalo Niagara Medical Campus and many others.
its efforts expand well beyond just growing healthy food.
“These partnerships are instrumental in helping us grow our
While Western New York is home to lush farms, Allison DeHonney, CEO and executive director of Buffalo Go Green,
technical knowledge in agriculture,” commented Allison. Last winter, Farm Credit East provided Buffalo Go Green with
noticed a disconnect between that healthy food and access to it
a grant to grow their operations. “Funds were used to repair
among residents in urban centers. The organization was founded
raised beds, purchase fertilizer and purchase additional outfittings
to close that gap by bringing food production right into Buffalo’s
needed for our high tunnel greenhouses, such as another wash
east side, where food apartheid exists, Allison explained.
sink to accommodate necessary COVID-19 sanitation precautions,”
Buffalo Go Green constructs greenhouses and raised beds on
said Allison. Farm Credit East has also supported Buffalo Go Green
vacant city lots to grow food which is then sold through mobile
partner organizations, including the Providence Farm Collective
and farmers’ markets. In addition to food production, they partner
and the Greater Buffalo Urban Growers.
with clinics and physicians who believe food is medicine to offer a fruits and vegetables prescription program.
Farm Credit East realizes the importance of organizations such as Buffalo Go Green to not only connect urban residents and those
Allison described another core part of their mission is to
in underserved communities with access to fresh, healthy food, but
educate people of color who’ve been separated from the land due
also to grow diversity within the agriculture industry — an area
to racism and trauma. They work diligently to get them integrated
where Farm Credit East strives to do better. Farm Credit East looks
back into agriculture and the food system by teaching them the
forward to furthering partnerships with organizations like Buffalo
history of agriculture, including information about growing and
Go Green and expanding its resources and offerings to help grow a
how food is prepared.
more diverse agricultural community in the Northeast.
EMPLOYEE SPOTLIGHT Since 2019, Myra has served on the board of Community Involved in
Myra Marcellin 8
ld, Conn.
Senior Loan Officer, Enfie
FINANCIAL PARTNER
Sustaining Agriculture (CISA). The organization’s mission is to strengthen local farms and engage the community to build the local food economy. Myra currently serves as clerk of CISA’s executive committee and member of both the finance committee and the racial equity task force. Myra says that as the organization has matured, it recognizes the need for more thoughtfulness about equity and inclusion in their work. Earlier this year, Farm Credit East contributed $5,000 to help advance CISA’s work in achieving a more racially just and resilient farm and food system.
Shirley Spencer
tavia, N.Y.
Senior Credit Analyst, Ba
THREE RIVER FARMERS ALLIANCE ThreeRiverFa.com Founded and owned by farmers, Three River Farmers Alliance aims to develop relationships between local farms, customers and businesses with the vision to create healthy communities and expand economic opportunities for regional farmers and producers. Early on, the four founders realized the benefit of working together to meet the same goals. With a combined infrastructure, they could expand their economic opportunities and extend their network to local farms that might not have the capital, staff and other resources necessary to reach expanded markets. Three River Farmers Alliance fills the gap, providing the logistics of transportation, storage, sales, customer service, marketing, etc., to allow small farmers to attain those business opportunities. Traditionally, Three River Farmers Alliance served wholesale markets. But when COVID-19 struck, they pivoted their business model overnight to direct-tocustomer home delivery sales. The alliance has been growing rapidly ever since. In the spring of 2021, Three River Farmers Alliance was a recipient of Farm Credit East’s inaugural Lipinski Rural Initiatives Award in recognition of their efforts to revitalize rural Northeast communities. “Our infrastructure wasn’t able to sustain the level we were growing,” said Evan Eppler, operations director of Three River Farmers Alliance. “Since being granted the Lipinski award — which was absolutely incredible — we have been able to move into a better facility and are working on building interior refrigeration and setting up a loading-dock accessible area.” “Our mission is to support local agriculture, and we’re able to do that through the network and infrastructure we’ve created that small farms and businesses may not have the ability to do,” Evan continued. “As we grow, we keep returning our revenue to infrastructure improvements, which creates jobs and we’re able to offer more services to our farmers. The more we’re able to grow, the more successful we’ll be in supporting our mission and local agriculture.”
EMPLOYEE SPOTLIGHT Shirley recently wrapped up a 10year tenure with the New York State 4-H Foundation where she’s served as a trustee and treasurer, helping to coordinate financial contributions to help support the NYS 4-H program mission and programing. Her favorite program has been Career Explorations, a three-day event for high school students to explore career possibilities across several different fields, including engineering, animal science, food science, environmental science and astronomy. In addition to Shirley’s involvement, Farm Credit is a longstanding sponsor of the Foundation’s annual golf tournament, the organization’s largest fundraiser to provide ongoing support for NYS 4-H programing.
When the Farm Credit East Board of Directors established the Lipinski Rural Initiatives Award, it aimed to further the recipients’ mission to make a positive impact in rural communities into the future. Three River Farmers Alliance embodies the award’s intent, connecting farmers to expanded market opportunities and extending access to fresh, local food among residents in the communities the organization serves.
FALL 2021
9
CELEBRATING FARM CREDIT EAST STEWARDSHIP MILESTONES
Congratulations to Farm Credit East Cares on 10 Years of Giving Apart from the significant contributions Farm Credit East Cares has made to local communities over the last 10 years, one of the most notable attributes of the program is that it was employee initiated. During the fall of 2011, the Northeast farm community was hit hard by tropical storms Irene and Lee. At the time, there was nothing in place to provide assistance to agricultural producers and rural communities impacted by natural disasters — and a number of staff spoke up. Farm Credit East and CoBank each committed $100,000 as initial seed funding for Farm Credit East Cares. In its first year, the program donated $143,500 to farm families impacted by the Irene and Lee disasters and to organizations providing assistance to those impacted by the disasters. Since that time, Farm Credit East Cares has continued through the generous contributions of Farm Credit East employees, matched by the association thanks to the support of the Farm Credit East board of directors. At the end of each year, barring no natural disasters or other events, those employees who contributed, select the local organization to receive funds. In 2020, Farm Credit East Cares made special COVID-19 donations to support rural community relief efforts in the amount of $144,000. Since the program’s 2011 inception, Farm Credit East Cares has contributed more than $854,000 to various Northeast charities and disaster relief efforts.
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FINANCIAL PARTNER
Farm Credit Northeast AgEnhancement Celebrates 25 Years and 1,000 Projects Funded Farm Credit Northeast AgEnhancement is a joint effort of Farm Credit East, Yankee Farm Credit and CoBank, both organizations’ funding bank. With three grant deadlines per year (April 1, August 1 and December 1), the program provides project-specific grants ranging from $500 to $10,000 to help organizations promote awareness and strengthen agriculture, commercial fishing and forest products in the six New England states, New York and New Jersey. Projects range from those promoting youth education and leadership development, to industry recognition programs, consumer education, economic analysis projects, and programs that promote economic viability as well as diversity, equity and inclusion in agriculture. Since its inception in 1996, the Farm Credit Northeast AgEnhancement Program has awarded $2.8 million in grant funding to more than 1,000 projects and organizations across the Northeast.
FarmStart Celebrates 15 Years and $15 million Invested in Northeast Agricultural Startups Farm Credit East has long believed the long-term strength and soundness of the Northeast agricultural community is dependent on new entrants into the industry. That’s why, 15 years ago, Farm Credit East created a program to assist startup farmers in obtaining working capital and learning sound business management skills — some of the greatest barriers to entering the industry. Today, the FarmStart program is a joint initiative of Farm Credit East, Yankee Farm Credit and CoBank. It provides working capital investments of up to $75,000 to northeast agricultural, fishing and forest products ventures showing promise of success. The innovative program targets startup farmers and ag businesses with limited financial resources and who are not generally eligible for conventional lending programs. In addition to the financial investment, a FarmStart advisor works with each participant to help the new business stay on track toward achieving business objectives. Since the first investment approved in August 2006, FarmStart has invested over $15 million in more than 300 entrepreneurial startups across the Northeast. This strong interest in entering agriculture is just one of the many reasons Farm Credit East is optimistic about the future of agriculture, commercial fishing and forest products throughout the region!
FALL 2021
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2021 CUSTOMER APPRECIATION MEETINGS
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1
20 2
20 17
20 19
20 11 20 13 20 15
20 07 20 09
20 03 20 05
9
20 01
19 97
CEO Reynolds reported Farm Credit East’s financial condition remains strong despite headwinds in some industries. This strength will provide the cooperative the capacity to work with members through challenging periods; the capital to help members grow or adapt their businesses; and the resources to invest in the future of the cooperative, including investments in the people and technology required to meet members’ needs and compete in a changing business environment. Overall, the association looks forward to joining two highly skilled teams to better serve the region’s agriculture, commercial fishing and forest products businesses.
CUSTOMERS’ SHARE IN OWNERSHIP $100 A benefit of customer $90 ownership is patronage $80 dividends, and the Farm $70 Credit East $60 Board is committed $50 to returning $40 that value to members $30 each year. $20 For the full year $10 2020, Farm Credit East 0 customerowners Special patronage paid in 2018 and 2019. received $89 million in patronage dividends. This is equivalent to 1.25% of average eligible loan volume, which is an increase from about 1.00% the last several years. Since the patronage program was first adopted, customer-owners of Farm Credit East (and predecessor cooperatives) have earned $977 million in dividends. The merged 19 9
FINANCIAL STRENGTH TO SERVE CUSTOMER BUSINESSES Attendees heard a cooperative update from CEO Reynolds and Board Chair Griffen or Vice Chair Knopf. A key piece of the association’s strategy going into 2022 is the merger with Yankee Farm Credit. Board leadership updated members on the work of both associations’ board and management teams over the past several months to assess the merger to ensure the combined entity will continue to return value to Northeast farms, fishing and forest products businesses.
We were pleased to hold many of our customer appreciation meetings in person this fall. We also held a virtual meeting for anyone not able to attend in person, which presented the same program as the in-person session. Following are some of the highlights from this year’s meetings.
association aims to deliver 125 bps patronage to members annually. SALUTING NORTHEAST PRODUCERS’ ENVIRONMENTAL STEWARDSHIP Farmers, foresters and commercial fishermen have been stewards of the land and waters for generations. During this year’s meetings, we highlighted four stories of how Northeast producers have adopted climate smart practices and conservation measures to make their businesses more resilient and protect the environment. Attendees learned more about Vanguard Renewables headquartered in Wellesley, Massachusetts; Pine Barrens Native Fruits in Browns Mill, New Jersey; Powell Grapes in Portland, New York; and heard about the forestry sector’s conservation efforts from the Maine Forest Products Council. LIPINSKI RURAL INITIATIVES AWARD The meeting concluded with the announcement of the opening of nominations for the 2022 Lipinski Rural Initiatives Award. In 2021, Letchworth Gateway Villages located in New York’s Genesee Valley and Three River Farmers Alliance located in New Hampshire’s Seacoast Region, were the inaugural award winners. Learn more about this award and the funds available in
2022 on the inside front cover of this issue or by visiting FarmCreditEast.com/Rural. Nominations are due by January 31, 2022. FARM CREDIT EAST DIRECTOR ELECTIONS This year’s meeting also kicked off the annual director elections. Three seats are up for election in 2022. Visit page 17 of this issue to learn more about the election process. THANK YOU Above all, this year’s event provided Farm Credit East the opportunity, whether in person or virtually, to show its appreciation for its customers. Despite the challenges of the past 18 months, Farm Credit East has continued to be successful thanks to the strength and adaptability of its members. Thank you to those who attended this year’s meetings and thank you to all for your continued relationship with Farm Credit East.
To see recorded presentations from this year’s event, including a review of year-to-date financial results, CEO Reynolds and Chair Griffen’s strategic update, and a recap of the operations whose environmental stewardship efforts were profiled, visit FarmCreditEast.com/Appreciation.
FALL 2021
13
CELEBRATING FARM CREDIT EAST EMPLOYEE MILESTONES One of the most impressive aspects of the Farm Credit East team is its longevity. We have employees who have been with us for 10, 15, 20 years and greater, and with that tenure comes a deep knowledge and understanding of our customers, the industries we serve and the cycles they go through. Experienced staff work diligently with team members of all tenures to pass that knowledge and expertise on to ensure the whole team is equipped to best serve Northeast agriculture, commercial fishing and forest products. In the pages that follow, we recognize those employees who surpassed exciting milestones in 2021. Thank you for your commitment to Farm Credit East and our members. 14
FINANCIAL PARTNER
40 YEARS Pamela Farrell Operations Associate Enfield, CT
Roger Murray Chief Marketplace Officer Enfield, CT
Brian Monckton Regional Manager Batavia, NY
Edward Urbanik Branch Manager Batavia, NY
35 YEARS Paul Herrington State Certified General Appraiser Batavia, NY
Steve Rickenbacher Commercial Lending Manager Enfield, CT
Matthew Minor Senior Loan Officer Batavia, NY
Jill Robinson Financial Services Leader Greenwich, NY
Craig Pollock Regional Credit Leader Cooperstown, NY
Christopher Truso Branch Office Manager Greenwich, NY
David Pugh Chief Experience Officer Cooperstown, NY
Cheryl Watson Branch Operations Specialist Batavia, NY
FALL 2021
15
30 YEARS
20 YEARS
Pauline Dionne Human Resources Generalist Auburn, ME
Kimberly Cervone Northeast Marketing Agent Batavia, NY
Howard Pope Senior Loan Officer Potsdam, NY
John Cooper State Certified General Appraiser Flemington, NJ
Robert Wiederhold Assistant Branch Manager Greenwich, NY
Ghent Holdsworth Branch Office Manager Presque Isle, ME
25 YEARS
Jenny Montalbano Branch Office Manager Mayville, NY
Jay Bana
Senior Loan Officer Cortland, NY Jeffrey Barron State Certified General Appraiser Auburn, ME Brenda Emrick Operations Specialist Enfield, CT Mary Fairchild Branch Operations Specialist Hornell, NY John Fitzpatrick Northeast Senior Marketing Agent Claverack, NY Andrew Grant Chief Financial Officer Auburn, ME Lavonne Liable Credit Analyst Specialist Bridgeton, NJ Gregg McConnell Business Consultant Geneva, NY Kimberly Preusser Branch Operations Specialist Claverack, NY Kerri Sears Senior Loan Officer/Analyst Enfield, CT Lori Wright Accounting Associate Geneva, NY
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FINANCIAL PARTNER
Erin Pirro Business Consultant Enfield, CT Tina Schofield Senior Loan Officer/Analyst Batavia, NY Lorinda Settle Tax Specialist Cooperstown, NY
Dawn Edmonds Senior Loan Officer Bridgeton, NJ Tonya Egan Senior Loan Officer/Analyst Potsdam, NY Mark Kiriluk Senior Loan Officer Bridgeton, NJ Holly Kraeger Branch Financial Services Associate Burrville, NY Ann Pangman Mortgage Administrator Cooperstown, NY Julie Pasek Accounting Specialist Cooperstown, NY Susan Sloan Branch Financial Services Associate Greenwich, NY
5 YEARS Kimberly Brockett Finance & Accounting Manager Enfield, CT Alena Gfeller General Counsel Enfield, CT Emily Huntley Credit Representative Potsdam, NY Chelsea Monroe Crop Insurance Operations Specialist Cortland, NY Ashley Moore Credit Analyst Specialist Middletown, NY Jennifer Mueller Mortgage Specialist Mayville, NY
10 YEARS
Kelsey Neckers Consulting Associate Batavia, NY
Kathryn Bisson Credit Analyst Specialist Auburn, ME
Christina Pointer Credit Analyst Associate Potsdam, NY
Rosmid Garcia-Cruz Payroll Specialist Enfield, CT
Kyle Puzacke Loan Officer/Analyst Auburn, ME
Carol Hill Branch Operations Associate Geneva, NY
Emily Quinn Accounting Specialist Cooperstown, NY
Heather Allen Mortgage Specialist Dayville, NY
Christopher Laughton Director of Knowledge Exchange Enfield, CT
Evan Richards Credit Representative Presque Isle, ME
Joseph Baldwin Assistant Branch Manager Claverack, NY
Bri Lovechio Manager of IT Operations Enfield, CT
Janet Bonet Tax Associate Middletown, NY
Jessica May Business Consultant Apprentice Cortland, NY
Benjamin Thompson Commercial Loan Officer Enfield, CT Robert Yurkewecz Branch Office Manager Cooperstown, NY
15 YEARS Darren Adsit Senior Loan Officer Burrville, NY
Cynthia Cassese Branch Operations Specialist Claverack, NY Shelby Colwell Crop Insurance Operations Leader Enfield, CT
Mary Pickett Mortgage Assistant Cooperstown, NY
Nicole VanDerwerker Mortgage Assistant Cooperstown, NY Ryan Willits Technology Support Associate Enfield, CT Kerry Wood Loan Officer Auburn, ME Kristy Zabelicky Mortgage Assistant Cooperstown, NY
DIRECTOR ELECTION
PROCESS DIRECTOR SEATS UP FOR ELECTION IN 2022* Eastern Region: None Central Region: One 4-year seat, One 3-year seat Western Region: One 4-year seat *Subject to final approval by the Farm Credit Administration for the merger of Yankee Farm Credit East, ACA and Farm Credit East, ACA
As a customer-owned cooperative, Farm Credit East is governed by the same farmers, commercial fishermen and forest products producers that we serve. This means that all voting stockholders receive a ballot to vote for each open seat on our Board of Directors. Additionally, each of those candidates were surfaced, interviewed and selected by our customers — your peers. This group of customers is known as the Farm Credit East Nominating Committee. While Farm Credit East holds its director elections each spring, this annual process begins in the fall with Farm Credit East Customer Service Councils. Customer Service Council members meet to identify and recommend potential director candidates to the association Nominating Committee. As part of this process, Customer Service Councils also recommend the slate for the following year’s Nominating Committee (both members and alternates), which is then approved by all members present at the association’s Annual Meeting.
Interested in serving on the Nominating Committee? Any borrower eligible to own voting stock is welcome to nominate themselves to be considered for a position on Farm Credit East’s Nominating Committee. If you or someone you know is interested in serving on the 2023 Nominating Committee, contact your Customer Service Council representative, your local branch manager or visit FarmCreditEast.com/Elections to learn more. Nominations must be received no later than December 31, 2021. FALL 2021
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FARM CREDIT EAST’S ANNUAL
Photo Calendar Contest Thank you to all who participated in our 2022 Agricultural Views photo calendar contest. We were pleased to receive more than 900 entries this year, representing the beautiful views of the region’s diverse agricultural industries and rural landscapes.
Congratulations to the many talented photographers whose photos fill Farm Credit East’s 2022 Agricultural Views calendar. Each winning photo uniquely portrays an appreciation for the Northeast’s agriculture, forest products and commercial fishing industries and the region’s rural communities. For a copy of the 2022 Agricultural Views calendar, please contact your local Farm Credit East branch office.
With 2022’s calendar complete, we’re already beginning to think about the 2023 calendar! We encourage you to submit your photos from the fields, docks or forests as they’re captured. Whether it be a snowy winter scene, a lush greenhouse in the spring, a colorful fall harvest or any rural image between, submit your photos for a chance to be featured in the 2023 calendar and win a cash prize. We look forward to seeing your picturesque photos.
FARMCREDITEAST.COM/CALENDAR DEADLINE: JULY 31, 2022 18
FINANCIAL PARTNER
WASHINGTON Update Tom Tom Cosgrove Cosgrove Executive Vice for Public Affairs SeniorPresident Vice President for Public Affairs
Making Sure Farm Credit’s Voice is Heard in Washington As a cooperative, telling the Farm
Administration (FCA), and Farm Credit
In addition, we discussed Farm
Credit story to policymakers and other
institutions themselves, so it’s important
Credit’s efforts to support diversity,
stakeholders is really telling the story of you,
they understand the important role Farm
equity and inclusion in agriculture and
our members. And there’s no one better to
Credit plays in supporting members’
concern over regulations that would
tell that story than members themselves.
operations. With the political turmoil over
impose undue reporting burdens on
infrastructure proposals, government
Farm Credit institutions.
In early November, Farm Credit East participated in the Farm Credit national Fly-
funding and the debt ceiling, topics
in, held in Washington, D.C. Representing
specific to Farm Credit and our customers
Farm Credit East customers were four
can get lost in the rhetoric.
board members who, along with four
Not all Congressional offices are
staff, joined with more than 600 Farm
familiar with Farm Credit, so in some
Credit representatives from across the
meetings, we take time to present
country, including board members, staff
“Farm Credit 101,” or the basics of how
and customers. Farm Credit representatives
our cooperative operates. In offices
met with members of Congress to tell them
familiar with Farm Credit, our delegation
about the amazing work our customers do
discussed a number of issues, but
every day, and how associations like Farm
underlying all our conversations was
Credit East support them.
the core message: Farm Credit supports
Holding an event like this as COVID-19
rural communities and agriculture with
continues to impact everyday life made
reliable, consistent credit and financial
it different than past fly-ins. All local
services, today and tomorrow.
Senator Susan Collins (ME) with Farm Credit East Director Peter Triandafillou
As noted earlier, the final event of
mandates were followed, including
Other issues discussed included:
the Fly-in was an outdoor Congressional
wearing masks indoors, and though some
• How Farm Credit has supported the
reception. Farm Credit East was pleased to
visits with Congressional leaders were
essential work of our customers
feature customers’ hard cider and spirits
held virtually, many were held in-person.
during the pandemic.
from New York’s Hudson Valley along with
The event concluded with a reception
• How Farm Credit supports its
featuring Farm Credit customer products
from across the country.
Despite the challenges of holding such
pies made from Connecticut grown apples.
customers as they combat climate
Enjoying customer products is a tangible
change and protect the environment.
way for members of Congress and their
• The need for a long-term solution to
staffs to appreciate the efforts of all our
an event, the importance of doing so was
provide a reliable source of
customers and understand that their story
more evident than ever. As the creator of
agricultural labor, urging Senate
is one worth telling.
the Farm Credit System, Congress, through
action on the House-passed
its agriculture committees, provides
bipartisan Farm Workforce
oversight of our regulator, the Farm Credit
Modernization Act as a first step. FALL 2021
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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 Address Service Requested
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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 ©2021 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.
Warmest Holiday Wishes
Joy and peace to all this holiday and always.
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