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

Annual Meeting Results

Our annual meeting week wrapped up with the 5th meeting today (April 10th) in Peru, NY. Members completed voting for directors, ballots were counted, and the results were announced before the meeting was adjourned.

Elected to three year terms on the board of directors were:

Region 1 – Rocklyn A. Giroux
Region 2 – Bradley N. Maxwell
Region 3 – Stephen H. Taylor

Elected to a one year term on the board of directors was:

Region 3 – Rene M. Saenger

Congratulations to Rocky, Brad, Steve and Rene. And thanks to Dr. Marco C. Turco, Samuel W. Lincoln, David F. Folino, Jane Clifford and Miles H. Tudhope for participating in the elections as candidates.

George Putnam's annual meeting comments are here.

We welcome any feedback about annual meetings, if you have questions or comments please let us know! You can e-mail your thoughts or give Ruchel a call at 800-639-3053.

We've Moved From Newport to Derby!

Our Derby office is now open at 250 Commerce Way! Our former facility on Highland Avenue in Newport served us well for many years but the staff had outgrown the building. While the views of Lake Memphremagog will be missed, the staff is excited about the roominess of the Derby office.

Move-in day was Friday, March 6^th and we opened for business on Monday, March 9^th. The staff is now all above grade and they couldn’t be happier!

The office is a state-of-the-art facility with energy efficient features such as skylights for natural light in the common areas and motion detector lights. The driveway also offers easy in and out access for your larger vehicles and trailers, something that we couldn’t provide at the old office.

Plans are in the works for an open house later in the spring, but take a minute to stop by and have a tour anytime if you are in the area.

New Middlebury Office

The new Middlebury office opened for business on November 24, 2014, just 5 months after breaking ground. The office is located at 320 Exchange St., just down the street from our former location. We held an open house on February 11, 2015, which was attended by members, directors, neighbors, business associates as well as former and current employees.

The staff is excited about the new building which includes many notable improvements. For instance, the driveway has been built so you can pull in with your cattle hauler, milk truck, etc., park and get back out into traffic without issue! The building was also built with a number of energy efficient features such as motion sensors on the lights to conserve electricity. If you get a chance to visit the office, take some time to look at the pictures on the walls. They were taken by a local photographer and feature scenes from around the Addison County area.

If you are in the Middlebury area, please take a minute to come in and say hello. A staff member will be happy to give you a tour!

Management Changes

Yankee Farm Credit announces changes in its management and administrative staff.

We have created a new position of Senior Vice President/Chief Strategy Officer, and I am pleased to announce the promotion of Geoffrey C. Yates to this position. In his current role, Geoff is responsible for all financial services. Geoff’s responsibilities will be expanded to include strategic planning and human resources as well as financial services. Geoff has been with Yankee since 1980 and has served in a variety of positions, including Chief Appraiser.

We are creating four new management positions, all reporting to Geoff.

Mike Moloney is being promoted to Manager of Tax Services. Mike has been with Yankee since 1999 working in the financially related services department as a Farm Tax and Records Specialist. He has been Assistant Manager of the department since 2011.

Lisa Gravel is being promoted to Manager of Records and Payroll Services. Lisa has been with Yankee since 1991, working at first as an assistant credit analyst/documentation specialist and more recently as a Farm Tax and Records Specialist.

Rob Guay is being promoted to Manager of Appraisal Services. Rob began employment with Yankee in 2008, working in the appraisal department as an appraisal analyst. Rob obtained his certified general appraiser license in 2012 and is licensed in both New York and Vermont.

Ruchel St. Hilaire is being promoted to Manager of Human Resources and Administration. Ruchel has been with Yankee since 1996 as Executive Assistant. Since 2003 she has also been Personnel Coordinator.

We currently have an opening for an Administrative Assistant. Please click here for details.

Please join me in congratulating Geoff, Mike, Lisa, Rob and Ruchel on their promotions!

2014 Patronage Refunds Paid

Spring – a time when the sap starts to flow, the snow banks are slowly receding and days are getter warmer. It’s also the time when Yankee distributes patronage refunds to our members.

Today Yankee distributed $4.6 million to members who borrowed from us in 2014. This represents approximately 46% of Yankee's 2014 net income of $10.1 million. The cash patronage refund effectively reduced average loan rates to members by approximately 24% in 2014.

When Yankee has a successful year, patronage refunds represent one of the advantages of borrowing from us. The refunds were possible due to our high quality loan portfolio and members.

Yankee has paid patronage refunds to its members every year since 1995, with total payments over those 20 years exceeding $58 million.

Click here for a news release issued today about Yankee's 2014 patronage refunds.

New England Dairy Conference Celebrates 30 Years

The New England Dairy Conference celebrated its 30th anniversary last week in a meeting held at the Mountain View Grand Hotel in Whitefield, NH. There was a beautiful black and white "Holstein" cake commemorating the milestone.

The cake was cut by representatives of the longest running farms from New Hampshire and Vermont present at the meeting. Sharing the honors were Richard "Stretch" Martin and John Amey, both Yankee members.

2015 Annual Meeting Registration Request

Our 2015 Annual Meetings are fast approaching. This year we will have 5 meetings. If you would like to pre-register by email, just click on the location below. Please be sure to let us know how many will be attending!

This year we will be having three daytime meetings beginning at 10:30 am with registration at 10 am:

• Monday, April 6th - Jesse's Steak and Seafood in Hanover, NH
• Wednesday, April 8th - The Middlebury Inn, Middlebury, VT
• Friday, April 10th - Livingood's Restaurant and Brewery in Peru, NY

We will also hold 2 evening meetings beginning at 7 pm with registration at 6:30 pm:

• Monday, April 6th - The Eastside Restaurant in Newport, VT
• Wednesday, April 8th - The American Legion in St Albans, VT

If you prefer to register by phone, please contact your local office.

Be looking for your 2015 Annual Meeting Information Statement which will be mailed to members soon.

2014 Financial Results

Full-year net income for Yankee was $10.1 million, an increase of $749 thousand over 2013. One of the most significant factors driving the increase was net interest income which increased 3.0% to $14.7 million, up from $14.3 million in 2013. Also contributing to the increase in net income was an increase of $572 thousand in other income, due to the sale of Association property in Middlebury, Vermont, and an increase of $282 thousand in patronage refunds from CoBank. These increases were offset by an increase of $856 thousand in expenses other than interest expense.

Year-end loan volume at December 31, 2014 was $428.1 million, up 4.9 percent from the prior year. The loan portfolio continues to be concentrated in the dairy industry, with 51 percent of the loans invested in dairy businesses. The second largest concentration is timber, with 14 percent of the loan volume at year end.

Credit quality across Yankee’s portfolio remained stable during 2014 and was well within the risk-bearing capacity of the Association. At year-end 0.6 percent of the Association loans were classified as nonperforming, compared to 0.8 percent at the end of 2013. There was a charge-off of $18 thousand and a recovery of $6 thousand recorded during 2014. The Association’s capital position remains strong.

The Board of Directors approved a patronage refund to members in the amount $4.6 million for 2014, to be paid 100% in cash. 2014 patronage payments will be made on or about March 25, 2015. Patronage refunds will be distributed either in the form of a check or direct deposit to members’ bank accounts.