Tom Colgan

The Board of Directors has appointed Tom Colgan to replace Charlie Sniffen as a director.

Tom is President and CEO of Wagner Forest Management, Ltd. of Lyme, NH, a position he had held since 1994. He previously worked for Scott Paper Company in Maine. Tom holds forestry degrees from Duke University.

As noted in this post, Charlie is stepping down from the board. The Board of Directors started a process about a year ago to replace Charlie. While Yankee's second largest industry concentration is the timber industry, Yankee has never had a director from this industry. The board amended the bylaws so that the position held by Charlie could be held by either a non-member (i.e., an outside director such as Charlie) or a member who was appointed by the other directors. The Farm Credit Administration has encouraged institutions to use appointed directors to achieve desired diversity on the board. Tom is Yankee's first appointed director.

Tom's appointment is effective with the close of annual meetings in April. He plans to attend all four annual meetings to meet members. Tom, welcome aboard!

Board of Directors - March 2012

The Board of Directors celebrated the service of two retiring directors at its meeting on March 29, 2012.

Dr. Charlie Sniffen is stepping down after 20 years of service. Charlie was first elected as an outside director on the board of Champlain Valley Farm Credit in 1992. At the time he was president of the William H. Miner Agricultural Research Institute in Chazy, NY. In 1995 Champlain Valley Farm Credit and Farm Credit of the Connecticut Valley merged to form Yankee Farm Credit, and Charlie continued as an outside director on the Yankee board. Charlie served as chairperson of the Audit Committee 2002-2007.

Paul Gingue is stepping down after 12 years of service. He was first elected to the board in 2000. Paul was elected board chairperson in April 2009, only a few months after the financial crisis in September 2008. During his three years as chairperson, Paul dealt with many issues that were shaped by the financial crisis. There were national meetings to discuss fallout from the crisis. Association mergers in the northeast were discussed, and one was completed. There was a bank merger. There was an overall recession, and an outright depression in the dairy industry. Paul led Yankee successfully through it all.

Paul and Charlie continue to serve as directors through the April 17th annual meeting. Paul's successor will be elected at annual meeting. Charlie's successor has been appointed by the board - see this post.

Below are the board and CEO at the March board meeting:

Left to right, seated: Rocki-Lee DeWitt, Charlie Sniffen, Chairperson Paul Gingue, Paul Saenger, Celeste Kane-Stebbins. Standing: President and CEO George Putnam, Steve Taylor, Bryan Davis, Walt Gladstone, Paul Franklin, Alan Bourbeau, Vice Chairperson Rocky Giroux. This board includes three PhD's. That probably won't happen again for a while!

(The board table in the above photo is new. The March board meeting was the first time the full board had a meeting using this table.)

Paul and Charlie: Thank you for your leadership, wisdom and counsel over the years. Best wishes to both of you and Rosemary and Judy. Don't be strangers.

2011 Financial Results

Yankee posted strong financial results for the year ended December 31, 2011. The Association saw net income of $7.036 million for the year. This compares to $6.982 million in 2010. Loan volume increased slightly in 2011 to $340.0 million from $336.4 million in 2010. Overall credit quality improved and the Association’s capital position continues to be strong.

The Board of Directors approved a patronage distribution to members in the amount of $3.664 million, to be paid 100% in cash. This compares to $3.659 million in 2010. Patronage payments for 2011 will be made on or about March 23, 2012. Patronage will be distributed either in the form of a check or direct deposit to member bank accounts.

The full annual report is available on Yankee’s website, or contact your local branch for a free copy.