Farm Credit East offices, including online banking and payroll processing, will be closed on the following dates:
• Wednesday, December 25, 2024
• Wednesday, January 1, 2025
• Monday, January 20, 2025
• Monday, February 17, 2025
Spring Business Meetings
Save the Date!
Farm Credit East will host several business dinner meetings this March to provide members with an update on their cooperative.
Be on the lookout for formal invites in early 2025.
Monday, March 3:
Turning Stone Resort Casino, Verona, NY
Tuesday, March 4:
Hilton Garden Inn, Auburn, NY
Wednesday, March 5:
Western New York – location TBD
Monday, March 10:
Forsgate Country Club, Monroe Twp, NJ
Tuesday, March 11:
The Saratoga Hilton, Saratoga, NY
Wednesday, March 12:
The Barn at Wight Farm, Sturbridge, MA
Thursday, March 13:
The Harraseeket Inn, Freeport, ME
Farm Credit East Student Scholarship Deadlines
FFA Scholarships ($500): December 31, 2024
Higher Education Scholarships ($2,000): March 20, 2025
APPLY NOW: FarmCreditEast.com/Scholarships
2025 Industry Insights Webinars
As 2024 comes to an end, it is time to plan for 2025. Farm Credit East has gathered insights from industry experts to help you best prepare for the year ahead. Save the dates for our industry insights webinars:
Cash Field: Monday, January 6, 2025
Maple: Tuesday, January 14, 2025
Dairy: Wednesday, January 22, 2025
Potato: Wednesday, February 5, 2025
Green: Tuesday, February 25, 2025
Forest Products: Tuesday, March 11, 2025
Apple: Thursday, April 17, 2025
To learn more and register, visit FarmCreditEast.com/Webinars.
Farm Credit East Cares Contributes
$100,000
to Northeast Charitable Organizations
The Farm Credit East Cares Community Fund, an employee initiated and funded charitable giving fund, is pleased to donate $100,000 to various charitable organizations throughout the Northeast this holiday season. Recipients included food banks and hunger relief efforts, youth and agricultural education programs such as 4-H, community and health support organizations, and programs to enrich the agriculture community.
“Farm Credit East Cares continues to make a meaningful impact in our local communities,” said Craig Pollock, Farm Credit East senior vice president and Farm Credit East Cares coordinator. “Initiated by our employees, I’m humbled each year by our team’s generosity to support important causes that make a difference in both rural and urban communities.”
Mike Reynolds CEO, Farm Credit East
THE VALUE OF CONNECTIONS
As a relationship lender, connecting with our customers and our communities is at the heart of everything we do. It’s those relationships that we’ve had with customer businesses for generations that have allowed Farm Credit East to be successful for more than 100 years.
Over the last several years, we’ve seen a significant shift in the variety of ways we can stay connected. While the enhanced tools are beneficial to keep us connected, the value of person-to-person connection cannot be lost.
Later in this issue, you’ll hear from Board Chair John Knopf. He’ll provide insight into the board’s focus on customer engagement and the importance of capturing feedback and staying connected in this increasingly virtual world. As a cooperative owned by our customers, this engagement is critical.
Part of this strategy will include several customer meetings to be held across our territory in early March. Both a board member and I will provide customers with a cooperative update and present our vision for the future. I look forward to connecting with many of you at these meetings.
Another key aspect of customer engagement is director elections. The board of directors serves as the voice of membership, and in 2025 there are four seats up for election. Farm Credit East is committed to contested elections
to ensure customers have a choice in their representation. Learn more about this process and hear from former Board Chair Matt Beaton on his experience serving as director on page 12.
The board and management have also been focused on positioning the cooperative for the future. As we continue to meet regulatory obligations and address competitive pressures, we’ve identified areas we need to evolve the cooperative to ensure we can continue to be a reliable source of credit for Northeast agriculture and deliver the best-in-class service our customers expect.
“At the end of the day, we are still people doing business with people, and we won’t lose sight of that.”
To be your lender for the future, we are moving toward innovative products and tools. We’re also evaluating product delivery, for both credit and financial services, to ensure we remain competitive, continue to deliver best-in-class service and retain top talent. We’ve made changes to our business over the past few
years to prepare for this shift, so the year ahead will focus on implementation to move the cooperative forward.
The key takeaway for cooperative owners is that we’re doing very well, and we need to evolve to remain competitive. As we build our legacy for the future, we need to be forward-thinking and innovative to advance our strategy. At the end of the day, we are still people doing business with people, and we won’t lose sight of that.
As we’re in the midst of the giving season, our commitment to communities is also top of mind. This commitment is key to staying connected with our customers and the industries and communities we serve. Learn more about recent organizations Farm Credit East has supported on pages 10 and 11 of this issue.
Additionally, Farm Credit East Cares, our employee initiated and funded charitable giving pool, will contribute $100,000 to various organizations throughout the Northeast in 2024. Now in its 13th year, I’m humbled by the generosity of our team and their devotion to give back to the communities we serve.
I wish you all a happy and healthy holiday season. Your cooperative is paving an exciting path forward and I look forward to keeping you all informed along the way.
ECONOMIC SIGNIFICANCE OF NORTHEAST AGRICULTURE IMPACT
Agriculture, commercial fishing and forestry have been iconic industries for the Northeast since colonial times, when they formed the backbone of the economy. Today, these industries do more than just provide food, fiber, building materials, ornamentals and other goods — they are economic engines in their communities, providing jobs and financial impacts.
Beyond their economic impact, these industries provide critical ecosystem services, preserve the Northeast’s working landscapes, and positively impact travel and tourism throughout the region. However, it can be hard to quantify the total impact of these natural resource-based businesses.
Every five years, the United States Department of Agriculture (USDA) collects census information from agriculture, forestry and commercial fishing businesses across the U.S. This data, last collected in 2022, quantifies acreage, farm size, number of farms and their production, among other things. It is the most encompassing compilation of data in agriculture today, covering more than six million data points down to the county level of each state.
But ag census data alone doesn’t illustrate the full impact of these industries. This is why Farm Credit East, in collaboration with researchers at Cornell University, took a deeper dive into the economic impact of these industries in New England, New York and New Jersey in the 2024 Northeast Economic Engine report.
The report covers acreage and farm numbers in each state, and dives deeper to analyze the indirect impact of these businesses’ spending on input supplies and facilities, as well as the induced impact of spending by their employees throughout the regional economy. Read on for highlights from this year’s report.
THE NORTHEAST
The 2022 Census of Agriculture reports that the Northeast is home to 71,000 farms and nearly 11 million acres in farmland. Through our analysis, we found that collectively, agriculture, fishing, forestry and food manufacturing generated an economic impact of $225.2 billion and supported more than 800,000 jobs across the Northeast.
For agricultural production, dairy farming and processing was the largest sector, generating $43 billion in economic impact and supporting more than 114,000 jobs. Forest products and processing generated $23 billion in economic impact and supported 70,000 jobs. Commercial fishing and aquaculture generated $7.6 billion in economic impact and supported nearly 42,000 jobs.
When these industries are combined with food manufacturing, the impact on the local economy is significant. Many of the jobs supported are important to rural communities near farms, forests and fishing ports across the Northeast.
Notably, the region’s agricultural industries produce more than food and fiber. The green industry (greenhouse, nursery and landscape services) also had $19.8 billion in direct sales, $38.8 billion in economic impact and 255,517 jobs supported.
STATE-BY-STATE
CONNECTICUT
Connecticut agriculture, commercial fishing, forestry and food manufacturing has a $12.7 billion economic impact. The state has more than 5,000 farms, nearly 375,000 acres in farmland and 1.7 million acres of forest.
Nearly half of all the state’s agricultural, forestry and fishing revenues came from the nursery and greenhouse sector. It is the leading agricultural industry in Connecticut with 46% of sales, generating $503 million in economic impact and nearly 6,000 jobs.
Agricultural production and food processing generated $7.3 billion in direct sales and $11 billion in economic impact in 2022. It also supported nearly 43,000 jobs.
Forest products are also a major contributor, with $1.5 billion in impact and 4,150 jobs supported.
NORTHEAST FARMING, FISHING & FORESTRY SALES
Dairy Cattle & Milk Production
Greenhouse, Nursery & Floriculture Production
Commercial Fishing
Logging & Forestry
Vegetable Farming
Fruit Farming
Grain & Oilseed Farming
Other Crop Farming
Cattle Production
Poultry & Egg Production
Other Livestock Production
Maine agriculture, commercial fishing, forestry and food manufacturing generates $15.2 billion in economic
While the state has more than 7,000 farms and 1.2 million acres in farmland, the industry accounting for the highest direct sales (35%) is actually at sea. Commercial fishing and aquaculture provide $1.5 million in economic impact and support nearly 12,000 jobs.
Maine also has 17.7 million acres of forest, covering almost 90% of the state. The forest products industry is a major economic driver for the Pine Tree State, with forestry, logging and related processing supporting more than 20,000 jobs.
Anchored by potato production, vegetable farming is the leading agricultural sector, accounting for 19% of direct sales and generating $469 million in economic activity and 4,300 jobs.
MASSACHUSETTS
Massachusetts agriculture, commercial fishing, forestry and food manufacturing generates $30.6 billion in economic activity
Home to more than 7,000 farms and nearly a half-million acres in farmland, much like Maine, the largest sector for this coastal state is commercial fishing and aquaculture, accounting for 44% of all agricultural, forestry and fishing sales. The fishing and aquaculture industry generates $3.9 billion in economic impact and supports more than 17,000 jobs.
The largest agricultural sector is the green industry, accounting for 13% of the total sales, generating nearly $250 billion in economic activity and supporting nearly 3,000 jobs.
With a large food processing industry, when agricultural production and food processing are combined, the farm and food sector generates $24 billion in impact and supports more than 85,000 jobs.
NEW HAMPSHIRE
New Hampshire agriculture, commercial fishing, forestry and food manufacturing generates a $6.6 billion economic impact
With 4.7 million acres of forest, logging, forestry and related processing accounts for the largest portion of New Hampshire’s direct sales, and has a $1.4 billion impact with more than 5,000 jobs supported.
Home to nearly 4,000 farms and more than 415,000 acres in farmland, dairy and the green industry are the Granite State’s largest agricultural sectors, accounting for a combined 30% in sales. More specifically, dairy production generates $100 million in economic activity and the green industry accounts for $107 million.
Massachusetts is the second largest producer of cranberries in the United States.
Fishing and aquaculture provides more than $145 million in economic impact as well as supporting 543 jobs.
NEW JERSEY
New Jersey agriculture, commercial fishing, forestry and food manufacturing generates a $42.9 billion impact on the Northeast economy. The state is home to nearly 10,000 farms and more than 710,000 acres in farmland.
Befitting its name as the Garden State, nursery and greenhouse is the largest agricultural sector, with 41% of sales. The green industry generated more than $1 billion in economic impact and supported nearly 10,000 jobs. Vegetable farming is ranked second, with 17% of sales.
New Jersey also has a large food processing industry, so when production and food processing are combined, the agricultural and food sectors generate $40.8 billion in impact and nearly 136,000 jobs.
Commercial fishing and aquaculture is also a significant sector to this coastal state, with $670 million in economic impact and more than 3,500 jobs supported.
NEW YORK
New York agriculture, commercial fishing, forestry and food manufacturing has an $85.8 billion impact, making it the Northeast state with the largest economic impact.
Dairy cattle and milk production is by far the largest agricultural sector, accounting for 45% of farming, fishing and forestry sales. The industry generates nearly $6.5 billion in economic activity and supports nearly 20,000 jobs. When combined with dairy processing activities, the collective dairy industry generates $25.6 billion in economic activity and supports more than 64,500 jobs.
RHODE ISLAND
Rhode Island agriculture, commercial fishing, forestry and food manufacturing has a $3.7 billion impact
Befitting its name as the Ocean State, commercial fishing and aquaculture makes up 51% of the state’s total farming, fishing and forestry sales and generates $305 million in economic impact and supports 3,160 jobs.
Even as the smallest state in the Northeast, it boasts more than 1,000 farms and 59,000 acres in farmland. Nursery and greenhouse is the largest agricultural sector, generating $69 million in economic activity and supporting just over 1,000 jobs. Other key products include vegetables, poultry and eggs.
Rhode Island also has a large food processing industry. When agricultural production and food processing are combined, the agricultural sector generates $3.3 billion in impact and supports more than 13,000 jobs.
FUN FACT!
VERMONT
Vermont agriculture, commercial fishing, forestry and food manufacturing $8.6 billion impact. Vermont has more than 6,500 farms and nearly 1.2 million acres in farmland.
Dairy cattle and milk production is the largest agricultural sector, accounting for 53% of sales, nearly $1 billion in economic impact and 3,646 jobs. When combined with processing, the dairy industry collectively generates $4.6 billion in economic activity and supports more than 12,700 jobs. Other significant agricultural sectors include fruit, vegetables and maple syrup.
With 4.5 million acres of forest, logging and forest products are a significant industry in the Green Mountain State, generating $820 million in economic impact and supporting more than 4,000 jobs.
New York is the third largest grape producer in the United States behind California and Washington. This production contributes to significant wine and juice industries in the Empire State!
In addition to dairy, the Empire State’s 30,650 farms and 6.5 million acres in farmland support a diversity of agricultural operations, including grain and oilseed, apples, nursery and greenhouse, and vegetable – that are all significant contributors to the economy.
New York State also boasts 18.9 million acres of forest land. Logging, forestry, related processing and manufacturing generate nearly $8 billion in economic impact and support 22,000 jobs.
WANT MORE INFORMATION?
With a large population concentrated throughout the eight states Farm Credit East serves, the economic significance of the agriculture, commercial fishing, forestry and food manufacturing sectors cannot be overstated.
For a deeper dive into direct sales, economic impact and number of jobs by sector for the Northeast as a whole or for each state, you may download the 2024 Northeast Economic Engine report at FarmCreditEast.com/impact.
TOTAL IMPACT
$8.6 BILLION IMPACT
Largest sector: Dairy
NEW HAMPSHIRE
$6.6 BILLION IMPACT
Largest sector: Forest Products
$15.2 BILLION IMPACT
Largest sector: Commercial Fishing
$85.8 BILLION IMPACT
Largest sector: Dairy
$42.9 BILLION IMPACT
$30.6 BILLION IMPACT
CONNECTICUT
$12.7 BILLION IMPACT
Largest sector: Greenhouse & Nursery
Largest sector: Commercial Fishing MAINE
RHODE ISLAND
$3.7 BILLION IMPACT
Largest sector: Commercial Fishing MASSACHUSETTS
of agriculture, commercial fishing, forest products, food manufacturing and related processing businesses combined. *Largest sector as a result of direct sales.
Largest sector: Greenhouse & Nursery
Building our Cooperative for the Future
A message from Board Chair John Knopf
2024 marks the 44th harvest season of my farming career, and in all those years I have never operated a combine. My neighbors tell me the combining is the fun part! As the crop disappears into the header, I can only imagine that part of the experience includes both satisfaction with the harvest bounty and a responsibility to evaluate production practices and plan adjustments for the future. Overall, not a whole lot different than the Farm Credit East Board’s working agenda. I appreciate the opportunity to update membership on current board activities and plans for the coming year.
Earlier this year, the board set a goal of thinking intentionally about our role in customer engagement. We have held productive discussions on the purpose of effective membership communication and strategies to better enable customer conversations. Board succession is also top of mind, including strategies to encourage the next generation of leaders to be involved in Farm Credit East governance. We hope that a more meaningful approach in engaging our customer service councils (CSC) and young leaders might broaden our members’ interest and involvement in the governance and leadership of our cooperative.
We are working through ideas to reorganize and refresh CSCs, and how they might become a more effective venue for management to share Farm Credit East’s vision and business progress, while simultaneously gaining valuable feedback from the customer’s point of view. We have also asked ourselves how we might better support and/or encourage the nominating committee to be more urgent about finding and advancing candidates for full and competitive board elections. In the effort, lies the reward.
While these boardroom discussions are continuing and agile, I am pleased to announce the following initiatives:
March Business Meetings
We have scheduled a series of dinner meetings in March for the CEO to provide an update on our cooperative. Attendees will be able to socialize with the CEO and executive leaders. These regional meetings will present information typical of the Annual Meeting.
Editor’s note: See meeting dates/locations on the inside front cover.
Producer Forums
We were pleased to bring back the two-day Producer Forums this fall in two locations: Manchester, N.H., and Syracuse, N.Y. Speakers included Dr. David Kohl and Discover Ag podcast host Natalie Kovarik. We plan to offer a similar event for a different segment of customers in the fall of 2025.
As Farm Credit East members running our own agriculturebased businesses, most of us have found it necessary to embrace disruptive innovation from time to time as the tuition for staying competitive and capitalizing on the future. That holds true for Farm Credit East as well — management has not shied away from introducing disruption to our legacy systems and operations in response to competitive threats to our traditional business model.
As a board of directors, we stand squarely behind the innovation strategy of our CEO and executive team, and support the investment needed to upgrade our technology backbone, develop digital products and explore AI capabilities. Developing competencies in our digital capabilities will be critical to unlocking new types of customer value, business efficiencies and growth opportunities that support our earnings, capital strength and the durability of our patronage distribution. Technology based innovations are the necessary foundation of future customer and employee value creation.
In closing, I want to report we are making steady progress on our initiatives. We are steadfast in our goal of building a future that will provide growing cooperative value for our customers. We look forward to updating you on our progress. Thank you for your business and support!
Thank you to all who came out to a Farm Credit East customer appreciation event this summer into fall. We enjoy holding these social events to show our appreciation for our customers. We hope you enjoyed catching up with your peers and Farm Credit East team just as much as we enjoyed the opportunity to thank you for your continued relationship. As mentioned in Board Chair John Knopf’s column, we look forward to continuing these events in the future, along with additional opportunities to provide our
A Cooperative Update
In November, we held a virtual cooperative update to keep members informed about the current state of the cooperative and our vision for the future. A meeting recording can be found at FarmCreditEast.com/Appreciation. Below are the financial highlights indicating your cooperative is strong.
FINANCIAL HIGHLIGHTS
as of September 30, 2024
16.5%
$20.3
$130 million in patronage dividends paid in 2024. This included $120 million in cash patronage dividends based on 2023
and an additional one-time
patronage of $10 million.
Thank you to all who participated in our 2025 Agricultural Views photo calendar contest. We were pleased to receive more than 750 entries this year.
And congratulations to the many talented photographers whose photos fill Farm Credit East’s 2025 Agricultural Views calendar. For a copy of the 2025 Agricultural Views calendar, please contact your local Farm Credit East office.
Want to have your photos featured in the 2026 calendar?
Submit your photos as they’re captured at FarmCreditEast.com/Calendar by July 31, 2025.
Scan the QR code to watch short videos featuring each of the 2024 recipients.
Open Door Clinic, of Middlebury, Vt., works to alleviate healthcare barriers often found in rural areas. The clinic increases affordable access to healthcare in Addison County, Vermont, an agricultural area with a large immigrant population, including many with limited access to the U.S. healthcare system. Through on-farm visits, Open Door Clinic provides preventative care to the farmworker population in that area while overcoming transportation and logistical issues. The $25,000 award will support the clinic in obtaining supplies for managing chronic conditions and home monitoring to further increase farmworkers’ access to healthcare.
In honor of former CEO Bill Lipinski’s service to Farm Credit customers and Northeast rural communities, the Lipinski Rural Initiatives Award recognizes programs, projects, individuals, businesses, organizations and/or institutions that create jobs in rural Northeast areas; contribute to the quality of life in rural communities; or enhance rural infrastructure. 2024 marked the fourth year of the program and Farm Credit East, along with its strategic partner CoBank, were pleased to award $25,000 to two organizations.
Point Positive, of Saranac Lake, N.Y., is an angel investing network supporting the greater Adirondack Region by helping to grow small businesses and drive economic growth. Point Positive’s network of investors has invested more than $5 million into 13 growth-stage businesses. The goal is to invest in food, clean energy and technology businesses to accelerate their growth, create jobs and ultimately, diversify the region’s economy while reducing its reliance on tourism. Beyond financial support, coaching and mentoring are also provided to the emerging entrepreneurs, along with opportunities for local students to get involved. The $25,000 award will be used to support additional outreach, education and mentoring.
2025 Award For 2025, 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. Deadline to apply is January 31, 2025. Learn more at FarmCreditEast.com/Rural
KNOX Growing Food, Community and Farmers for a Sustainable Future
FFor over 55 years, KNOX, Inc. has sought to bring together the community of Hartford, Conn., through a variety of horticulture and urban farming opportunities.
Stewardship
Community plot where locals plant and harvest produce together at KNOX, Inc.
KNOX provides space for more than 300 families to grow food in 21 community gardens. The food grown provides produce for the growers and their families, while also supporting the greater Hartford community via local farmers markets. Transforming vacant lots into gardens increases access to fresh food and helps combat food insecurity in Hartford.
In addition to community gardens, KNOX offers several educational opportunities. The KNOX Urban Farming program provides entrepreneurs with the knowledge and support to develop their own farm-based businesses. KNOX
also offers in-school and after-school educational programming for Hartford youth. Students gain environmental education through hands-on experiences at the gardens, with the goal of building a more sustainable future for Hartford.
Farm Credit East is proud to support KNOX as their work provides a pathway for new entrants in agriculture. As a joint effort between Farm Credit East and our funding bank, CoBank, KNOX has received grant funding through the Farm Credit Northeast AgEnhancement Program.
More recently, Farm Credit East partnered with KNOX to successfully apply to and implement the USDA’s Beginning Farmer and Rancher Development program. As part of the grant, Farm Credit East works with KNOX to provide financial management training to the Urban Farming program participants.
Learn more: KnoxHartford.org
Sargeant Community Garden, one of the many KNOX, Inc. community gardens in Hartford, Conn.
COMPLIANCE DEADLINE: DECEMBER 31,2024*
*For entities in existence prior to January 1, 2024. For entities formed in 2024, the deadline is within 90 days of formation. After 1/1/25, the deadline will be within 30 days of formation.
If you have a business entity, you may be required to report information on the “beneficial owners” of your business to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). There are potentially both civil and criminal penalties for non-compliance.
How to Comply with Beneficial Ownership Information (BOI) Reporting Requirements WHO IS A BENEFICIAL OWNER?
REPORTED?
Any individual who, directly or indirectly, either:
• Exercises “substantial control” over a reporting company, or
• Owns or controls at least 25% of the ownership interests of a reporting company
An individual has substantial control of a reporting company if they direct, determine or exercise substantial influence over important decisions of the reporting company. This includes any senior officers of the reporting company, regardless of formal title or if they have no ownership interest in the reporting company.
ADDITIONAL INFORMATION
View a webinar recording covering BOI reporting requirements: FarmCreditEast.com/Webinars
The company must report its full name, any DBA name, business address, state of formation, and IRS taxpayer ID number.
The beneficial owners of the entity report name, birthdate, and address. The individuals must also provide the number and an image of an acceptable photo ID (driver’s license or passport).
View an informational blog article: What you Need to Know about Beneficial Ownership Information Reporting for your Business: FarmCreditEast.com/BOI.
Further information on the BOI reporting requirements can be found at: https://www.fincen.gov/boi.
Consider consulting with legal counsel if you have questions regarding the applicability of the CTA’s reporting requirements for your business.
The Value of Board Service
Matt Beaton is owner and president of Beaton’s, Inc., a cranberry farming operation in Rochester, Mass., and owner and president of Sure-Cran Services, Inc., a provider of custom agricultural services in southeastern Massachusetts. He served 14 years on the Farm Credit East Board (2006-2020), including four years as board chair.
As a cooperative owned by our customers, the board of directors serves an important role as the voice of membership. We recently chatted with retired Farm Credit East Director and former Board Chair, Matt Beaton, about his path to board leadership and what he gained.
“I ran three times before I was elected,” commented Matt. “Those unsuccessful candidacies were an important step in introducing myself to membership, and I valued the experience I gained.”
Matt was elected to the board in 2006 and subsequently reelected to serve membership for 14 years, with four of those years as board chair.
“It’s important to participate, contribute and lead to represent your community, yourself and your own farm,”
Matt said. “Your participation ensures you’re leaving the industry in a good place for the next generation.”
He added, “I went into my board service with a focused view on cranberries, but my time on the board opened my eyes to how other industries operate. That was one of the most beneficial gains for me.”
His advice to others who may be considering involvement: “Don’t hesitate. It’s probably one of the most enriching things I’ve done. It’s grown my network of knowledge and I’ve developed relationships that will last a lifetime.”
“Agriculture is a selfless industry,” he continued. “You’ll be surprised by how much you bring back to your operation when you do participate.”
Interested in being considered as a director candidate or serving on the association nominating committee?
Any borrower who owns voting stock is eligible to nominate themselves to be considered for a position on the Farm Credit East nominating committee or the board of directors. You may nominate yourself or another individual by visiting FarmCreditEast.com/Elections, or by contacting a member of your local customer service council, the nominating committee or a Farm Credit East representative. Nominations must be received by December 31, 2024.
Director Seats up for Election in 2025:
• Eastern Region: One 3-year seat* and one 4-year seat
• Central Region: One 4-year seat*
• Western Region: One 4-year seat *Incumbent will not be seeking reelection.
Scan to nominate someone for the Farm Credit East nominating committee or board of directors.
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 and the industries we serve. Experienced staff work diligently with team members of all tenures to transfer that knowledge and expertise 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 2024. Thank you for your commitment to Farm Credit East and our members.
*Retired
45 YEARS
Carrie Otty* Operations Specialist Claverack, NY
40 YEARS
Scott Andersen* Senior Loan Officer Bridgeton, NJ
Mary Stine Senior Tax Specialist Burrville, NY
Paul VanDenburgh* Tax Specialist Cooperstown, NY
Patrick Wiles Senior Loan Officer Riverhead, NY
35 YEARS
Peggy Reed Capital Markets Loan Operations Specialist Derby, VT
30 YEARS
Loren Petzoldt Senior Loan Officer Derby, VT
Michael Haycook Regional Credit Leader Potsdam, NY
Edward Maxwell Tax Consultant Cooperstown, NY
David Rifenburgh Tax Consultant Claverack, NY
Paul Webster Portfolio Manager Batavia, NY
Lisa Wener Senior Credit Administrator Middlebury, VT
25 YEARS
Kelly Campbell Operations Specialist Dayville, CT
Charlotte Humbert Accounting Associate Claverack, NY
Dawn Kobylanski* Operations Specialist Batavia, NY
Colleen Madison Tax Specialist Enfield, CT
Carol Starkie Tax Consultant Bedford, NH
Virgilia Tegiacchi Tax Specialist Claverack, NY
20 YEARS
Christopher Bessette Senior Credit Officer Middlebury, VT
Daryn Deveau IT Operations Enfield, CT
Douglas Harlow Tax Specialist White River Junction, VT
15 YEARS
Christi Abbott Documentation Specialist Bridgeton, NJ
Kathleen Eves Loan Officer Burrville, NY
Peter Frizzell Crop Insurance Senior Advisor Enfield, CT
Jean Gallagher Director of Talent Management Cortland, NY
Bethany King Operations Associate Hornell, NY
Heather Lapinski Tax Specialist Enfield, CT
Justin Mortensen Senior Loan Officer Middleboro, MA
Melissa Natale Crop Insurance Analyst Cortland, NY
Erin Perkins Operations Leader Greenwich, NY
Terry Ryan Senior Tax Specialist Cortland, NY
Shantel Thomas Finance & Accounting Manager St. Albans, VT
Michelle Thompson Operations Associate Batavia, NY
Matthew Wendig Senior Loan Officer Potsdam, NY
Kristi Wood Regional Credit Leader Middlebury, VT
10 YEARS
Ted Black Director of Country Living Cooperstown, NY
Rachel Lacey Capital Markets Loan Operations Specialist Enfield, CT
Joshua Lagerquist State Certified General Appraiser White River Junction, VT
Bryan Lord Loan Officer Hornell, NY
Lawson Martinez Internal Auditor Claverack, NY
Brady Mattson Mortgage Specialist Mayville, NY
Sandra Muller Payroll Specialist Claverack. NY
Daniel Nicholson Chief Audit Executive Enfield, CT
James Pailthorpe Senior Compliance Officer Enfield, CT
Shelby Pendleton Tax Specialist Geneva, NY
David Roy Senior Loan Officer Cooperstown, NY
Cynthia Sica* Payroll Specialist Enfield, CT
Adriana Snyder Mortgage Assistant Cooperstown, NY
Laura Theriault Payroll Specialist Enfield, CT
Erin Tones
Regional Financial Services Leader Geneva, NY
Austin Weaver Senior Tax Specialist Burrville, NY
PROJECT CAREER TO HELPING STARTUP ENTREPRENEURS TURN
Colleen Francke, Summit Point Seafood founder, always knew she wanted to be on the water, but after nearly a decade offshore lobstering, she set her sights on something new — kelp production.
“Kelp is really an amazing product for the environment,” said Colleen. “It requires zero inputs – no fertilizer, no feed and no fresh water to grow it, and in return sucks up significant amounts of carbon and nitrogen from the water as it grows, which helps to clean the bay.”
Today, Colleen harvests macroalgae, the large brown kelp, on 18 acres in Casco Bay, Maine. Production starts indoors in the fall and in November is transplanted to horizontal lines that run about seven feet below the water’s surface. The kelp grows over the course of the winter and is harvested in the spring.
Early in her business, Colleen was introduced to FarmStart and teamed up with a business advisor through FarmStart’s collaboration with SCORE. “This was the most valuable component of the FarmStart program for me. My advisor helped me think through every aspect of the business, helped to identify gaps, and prepare for potential market fluctuations. This helpful learning tool turned my project into something I could actually make a living at.”
“This helpful learning tool turned my project into something I could actually make a living at.”
As Colleen looks to the future, she is considering ways to diversify the kelp market, including the possibility of using kelp as fertilizer to provide an environmentally sustainable option for crop production, and considering processing her own product to bring to market.
IS A 2024 FARM BILL ON THE HORIZON?
As I take the baton from Tom Cosgrove, who served in this role for nearly 10 years, to write my first Washington Update, I wish I could deliver more encouraging news. It is with some disappointment that on September 30, 2024, the 2018 Farm Bill expired with little fanfare. Six months ago, the House Agriculture Committee approved a Farm Bill on a vote of 33 to 21, with four Democrats joining all 29 Republicans in supporting the bill.
There are several Farm Credit-support provisions in the House Agriculture Committee bill that we aim to keep:
• HR 4736, which would give Farm Credit institutions authority to partner with community banks and other lenders to finance essential community facilities like senior and childcare centers and healthcare facilities.
•HR 2423, which would confirm the role of the Farm Credit Administration (FCA) as the Farm Credit System’s sole regulator and require the collection of certain loan applicants’ demographic information in a way that protects their privacy.
•S. 2890/HR 5631, which would increase the amounts for USDA’s Farm Service Agency direct
loans and loan guarantees — an important tool for Farm Credit lenders working with customers facing financial challenges.
There are also a few Farm Credit-supported provisions we want included in a final bill:
•S. 1756/H.R. 4940, which expands the flow of capital to the aquaculture and fishing industries by allowing Farm Credit to finance businesses that provide services such as vessel and gear repair, fuel, ice, bait and other dock services, and cold storage facilities.
•S. 3497, which raises the population limit on towns eligible for Farm Credit rural home loans, expanding Farm Credit’s ability to finance affordable rural housing.
Around the same time, leaders of the Senate Committee on Agriculture, Nutrition and Forestry, Chair Debbie Stabenow (MI) and Ranking Member John Boozman (AR), released their frameworks for the legislation. Due to the limited days in session in this presidential election year and the need to focus on the 12 annual appropriation bills that keep the government operating, there has been no action since then on the Farm Bill.
Going into November’s lame duck session, Congress still needed to address the 12 annual appropriation bills for FY 2025 as the continuing resolution passed on September 26 provides funding for federal agencies only through December 20, 2024. The good news is that several appropriation bills have been approved by committees in both the House and Senate. But these still require action by the full chambers with negotiation for a final budget.
There is some momentum to get the 2024 Farm Bill passed during the coming lame duck session including the following:
• On September 9, 300 agricultural organizations sent a letter to House and Senate leadership urging the passage of a bipartisan Farm Bill this year.
• On September 26, 140 House republicans, including seven from Farm Credit East’s territory, sent a letter to House GOP leadership urging them to prioritize the Farm Bill this year.
• It is reported that House and Senate Agriculture Committee leadership staff have been meeting to discuss the Farm Bill.
• As several key tax provisions in the Tax Cuts and Jobs Act of 2017 are set to expire at the end of 2025, there is pressure to “clear the
WASHINGTON Update
Dave Lane
Senior VP for Public Relations and Sustainability
• There is a sense of urgency with falling farm revenue and current natural disasters.
With all this momentum, the Farm Bill will still be hard to pass this year, and an extension may be the only option.
Working alongside Knowledge Exchange Specialist Kyle Bell; our trade association, the Farm Credit Council; and CoBank’s
TAKE ACTION!
How can you help? Call your representative and senators to ask them to support the Farm Bill!
Washington D.C. staff, Farm Credit East will continue to advocate for the passage of a Farm Bill in 2024. It is our privilege to advocate for Farm Credit East and its members’ interest and concerns to policymakers in the Northeast and Washington.
Just call the House of Representatives at (202) 225-3121 or the Senate at (202) 224-3121 and ask for your representative or senators. Once connected, please let them know why a new Farm Bill is important to you.
table” so the focus can move to address these sunsetting provisions in a new tax bill.
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 Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island and Vermont. Part of the national Farm Credit System, Farm Credit East is a full-service lender dedicated to the growth and prosperity of agriculture.
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.
