Customer Appreciation Meetings

2021

CUSTOMER APPRECIATION MEETINGS

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. 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, $70 and the Farm Credit East $60 Board is $50 committed to returning $40 that value $30 to members each year. $20 For the full year $10 2020, Farm 0 Credit East 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 customer-

Special patronage paid in 2018 and 2019. owners 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

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.