Farm Credit Fellow - Mara Michaud

This past week Farm Credit Fellow Mara Michaud, of Old Town, Maine visited the Derby office. Mara will be going into her senior year this fall at the University of Maine at Orono. She will graduate with a Bachelors Degree in Financial Economics, with a minor in Business.

During her time in the office she learned about being a loan officer, spent time with related financial services (taxes, payroll and records), worked with appraisal staff on a farm inspection, and met with a Yankee consultant to learn more about their role on farms.

Mara has time before she has to make plans for after graduation, but is interested in record keeping and other financial related services. She was surprised to learn about the many different roles within Farm Credit. 

Yankee Partners with Sterling College's Farmer Veteran Grant Program

Original Press Release from Sterling College:

Sterling College Helps Veterans Launch Farms with $10,000 Grants

Veteran College-to-Farm Program established in partnership with Center for an Agricultural Economy, the Farmer Veteran Coalition, and Yankee Farm Credit

JUNE 23, 2015 • CRAFTSBURY COMMON, VT • Building on the growing interest of veterans in farming at a time when the Department of Labor reports that the nation’s farmers are nearing retirement with an average age of 56, Sterling College has announced the creation of the Veteran College-to-Farm Program.

Sterling was among the first institutions in the United States to focus on sustainable practices in agriculture and, starting this fall, veterans that complete a degree in Sustainable Agriculture or Sustainable Food Systems at the Vermont college will receive a $10,000 grant to launch a farm or food business.

“We are proud to launch this first-of-its-kind program and enlist veterans in furthering a more sustainable future for farming,” said Sterling College President Matthew Derr. “With these grants, Sterling will help start the post-service careers of veterans who will redesign the nation’s food system into one based in environmental stewardship that is more just, healthy, and doesn’t exacerbate climate change.”

Eligibility to join the first cohort is limited to veterans who are admitted and enroll at Sterling College for September 2015. Assistance with post-graduation careers in food entrepreneurship will be augmented by continued support from the Center for an Agricultural Economy and Yankee Farm Credit.

The Center for an Agricultural Economy, based in Hardwick, Vermont, will offer business and technical services for farm and food businesses started by veterans. Through its multi-use shared food business incubator, the Vermont Food Venture Center, veterans will have access to food safety training and regulatory assistance, industrial production kitchens, and specialized food business advising, such as marketing, nutritional labeling, and more.

“With our shared-use food hub facility, we’ve worked with over 200 specialty food and farm products in the past four years,” said Sarah Waring, Executive Director of the Center for an Agricultural Economy. “The range of services can be tailored to meet the needs of each veteran’s specific enterprise. With this new program, we’re thrilled to partner with Sterling to provide support as the next generation of agricultural entrepreneurs is fostered in Vermont and beyond.”

In collaboration with Sterling’s partners at Yankee Farm Credit, each veteran who meets the criteria of the program will also be provided with access to business and financial planning consulting and management development programs. Additionally, based on creditworthiness, qualified participants will be eligible for the FarmStart program which includes up to a $50,000 working capital investment, a personal FarmStart advisor, and a written business plan.

“Yankee Farm Credit is enthusiastic to collaborate in the launch of the Veteran College-to-Farm Program at Sterling,” said George Putnam, President and CEO of Yankee Farm Credit. “We are proud to work with America’s farmer veterans and look forward to this partnership to help support the transition from service to college and then to launching farm businesses where veterans will continue to serve their neighbors and communities.”

This new program will enroll five students for September 2015. Priority will be given to those who apply by July 15, 2015. For more information, please contact Mr. Tim Patterson, Director of Admission, via email at tpatterson@sterlingcollege.edu or by telephone at 802-586-7711 x124. For more information about Sterling College and the College-to-Farm Program, please visit www.sterlingcollege.edu/collegetofarm.

FarmStart - Ben Haigh and Hilary Hammond

Ben Haigh and Hilary Hammond are a recent FarmStart investment for Yankee. Ben and Hilary operate a diversified farm in Shoreham, VT, and will be using the FarmStart funds to purchase haying equipment.

Ben and Hilary, both 26, are a married couple with diverse backgrounds in agriculture. Ben, a graduate of Paul Smith’s College with a degree in Ecological Forest Management, has worked as an independent forester, consultant, digital mapmaker, and sawmill operator. He also works part-time on his uncle’s 200 cow dairy farm. Hilary, who holds a degree in Animal Science from The University of Vermont, is a certified butcher and meat cutter, and also has experience working on both dairy and diversified farms.

In 2014, Ben and Hilary started Rolling Bale Farm, Inc, a diversified produce and animal farm in Shoreham. They grow hay and strawberries, and raise beef cows, poultry, and lamb. They sell various cuts of meat, pelts, and value-added products like baked goods and salad greens on location at the farm and at the Middlebury Farmers Market. They also have plans to do a CSA in the near future. To learn more about Rolling Bale Farm, visit their website at www.rollingbalefarm.com.

Loan officer Kyle Lussier out of Yankee’s Middlebury office worked with Ben and Hilary during the FarmStart application process, and he will serve as their FarmStart advisor during their time in the program. Yankee is excited to work with these two motivated and creative farmers!

The goal of FarmStart is to provide working capital to help start-up farmers establish a positive business and credit history during the early phases of their business careers. Within five years recipients should be positioned to graduate to a conventional line of credit from Yankee or another lender.

To learn more about FarmStart please visit our website or contact your local office.

FarmStart - Craig Hammer

Craig Hammer of Jacksonville, VT is Yankee’s most recent FarmStart investment. Craig runs an independent logging operation, and will use the FarmStart funds to purchase a log truck.

Craig, 25, is a veteran of the United States Army. He served for four years, and was deployed in Afghanistan for ten months as part of the U.S. War in Afghanistan. During his four years in the Army, Craig accrued citations for exemplary duty, service, and leadership. For his service, he has been recommended for several awards.

After leaving the Army, Craig began work in the forest and timber industries as a logger. Prior to branching out on his own, Craig worked for Penterhehl Land Clearing and Mike Hammer and Sons, LLC, gaining valuable experience and insight. Craig’s father, Mike Hammer, has over 30 years of experience in the logging industry, and has acted as a mentor and guide to Craig.

 

Yankee is impressed with Craig’s strong work ethic and ambition, and is excited to aid him in his journey as a young and beginning member of the agricultural community. Loan Officer April Smith worked with Craig in applying for the FarmStart investment, and will serve as his FarmStart advisor during his time in the program.

The goal of FarmStart is to provide working capital to help start-up farmers establish a positive business and credit history during the early phases of their business careers. Within five years recipients should be positioned to graduate to a conventional line of credit from Yankee or another lender.

To learn more about FarmStart, please visit our website or contact your local office.

Career Opportunities!

Are you passionate about agriculture?  Do you want to be involved with supporting local farm businesses to ensure their success?  If you said yes to these questions, we want to hear from you!

We currently have openings in three of our offices, please check our career opportunities page on our website for more information about each position.

Branch Manager in our White River Junction office

Credit Analyst or Loan Officer in our White River Junction office

Credit Analyst in our Derby office

Administrative Assistant in our Williston office

Yankee Farm Credit is an affirmative action, equal opportunity employer M/F/D/V

Open House in Derby, VT

Please stop by and join us for an open house at our new Derby office on Tuesday, June 9th from 5pm to 7pm. We would love to give you a tour of the facilities, located at 250 Commerce Way.

Association Cars For Sale

Please see the listing of company autos that are for sale. These will be available until June 8th, after that time they will be brought to auction. Please note that pricing on these is set at Kelley Blue Book trade in price. As company cars the expectation is that they were serviced on schedule but they are sold as-is.

• 2010 Toyota Camry XLE, 118,250 miles, green with leather interior, heated seats, moonroof, v6. $9,250
• 2011 Subaru Legacy Premium, 89,000 miles, blue with heated seats and all weather package. $8,750
• 2011 Subaru Legacy, 86,000 miles, dark gray. $8,500
• 2011 Subaru Legacy, 73,500 miles, white. $9,500
• 2011 Camry, 80,000, gray. $9,000
• 2011 Toyota Camry LE, 110,000 miles, white. $7,500

If you have any questions please contact Ruchel at the Williston office, 800-639-3053.

Q1 2015 Financial Results

With good spring weather finally arriving, the first quarter financial results are now available. Yankee can announce that we had another good quarter. Favorable net income resulting from increased net interest income, a negative provision for credit losses and other income were offset by an increase operating expenses. The balance sheet shows that loans were down from year-end, but the decrease is traditional for this time of year. The quality of the loan portfolio remains strong and is expected to remain that way in the foreseeable future. All of these good results have one factor in common – good members.

Quarterly net income for Yankee was $2.6 million, an increase of $252 thousand over 2014. The most significant factors driving the increase were increases of $94 thousand in net interest income and $89 thousand in other income, along with a decrease in the provision for credit losses of $299 thousand. These favorable factors were offset by an increase $229 thousand in other expenses.

Quarter-end loans held by the Association at March 31, 2015 were $419.5 million, down 3.2 percent from year-end. The loan portfolio continues to be concentrated in the dairy industry, with 50 percent of the loans invested in dairy businesses. The second largest concentration is timber, with 15 percent of the loan volume at quarter-end.

Credit quality across Yankee’s loan portfolio remained strong during the quarter and well within the risk-bearing capacity of the Association. At quarter-end 0.7 percent of the Association loans were classified as nonperforming, this was up 0.1 percent from the end of 2014. There were no loan charge-offs, but recoveries of $3 thousand in the quarter. The Association’s capital position remains strong.

The 2014 patronage refund to members in the amount of $4.6 million was paid 100% in cash on March 24, 2015.

Click here for the full quarterly Report to Shareholders, and here for the quarterly financial news release.

Stewards of the Land

CoBank has produced a video about the stewardship values and activities of farmers, ranchers and others living in rural America:

Stewards of the Land

Board Officers and Committees

At the April 30, 2015, board meeting, Yankee's Board of Directors elected the following officers:

Chairperson - Paul B. Franklin
Vice Chairperson - Rocklyn A. Giroux

Yankee's Board of Directors (left to right): Brad Maxwell, Tom Colgan, Paul Franklin, Rocki-Lee DeWitt,
Celeste Kane-Stebbins, Rocky Giroux, Rene Saenger, Steve Taylor, Alan Bourbeau, Bryan Davis, Walt Gladstone.

Committee assignments were also approved at the meeting:

Executive Committee
Rocklyn A. Giroux, Chairperson
Thomas J. Colgan
Paul B. Franklin
Walter M. Gladstone
Celeste Kane-Stebbins

Audit Committee
Rocki-Lee DeWitt, Chairperson
Alan J. Bourbeau
Bradley N. Maxwell
Rene M. Saenger
Stephen H. Taylor

Compensation Committee
Thomas J. Colgan, Chairperson
Rocki-Lee DeWitt
Paul B. Franklin
Walter M. Gladstone
Bradley N. Maxwell

Membership/Governance Committee
Alan J. Bourbeau, Chairperson
Bryan E. Davis
Rocklyn A. Giroux
Celeste Kane-Stebbins
Rene M. Saenger