Richmond Co-operative Association, Inc.

Today's Burlington Free Press has an article about the history of Richmond Co-operative Association, Inc.:

Rise of the Richmond Creamery

Richmond Co-op manufactured dairy products in Richmond, VT from 1916 to 1983. Many Farm Credit members shipped milk to Richmond Co-op during those years. That was before Yankee Farm Credit was formed in 1995, so they would have been members of Champlain Valley Farm Credit or Farm Credit of the Connecticut Valley or their predecessors.

On a personal note, I worked for Richmond Co-op immediately before coming to Champlain Valley Farm Credit in 1984. I was hired as controller at Richmond Co-op in 1982. That was my introduction to the Farm Credit System. Richmond Co-op borrowed money from the Farm Credit System – specifically, the Bank for Cooperatives in Springfield, MA.

In 1983 Richmond Co-op merged with Eastern Milk Producers Cooperative Association of Syracuse, NY (now part of Dairy Farmers of America) and sold its processing plant in Richmond to one of its customers, Dari Desserts in Richmond. The last two employees at Richmond Co-op were Sylvia Peet and me. For a time in early 1984 the two of us worked out of the office of the co-op's attorney, Chet Ketcham in Middlebury, as we wound down the affairs of the co-op.

When that was over, I was looking for a job. Richmond Co-op's loan officer at the Springfield Bank for Cooperatives, Dean Moreau, suggested that I talk to the local Farm Credit association, Champlain Valley Farm Credit, and he introduced me to President and CEO Arlington Hazen. Arl hired me as a loan officer in the Williston office, and I've been in the Williston office ever since. Sadly Arl died last year.

One of the directors of Champlain Valley Farm Credit, soon to be chairman of the board, was Sylvia Peet's brother – Paul Eddy, a dairy farmer in Hinesburg. I did not know it at the time, but both Paul Eddy and Dean Moreau would have a significant influence on the evolution of my career at Farm Credit.

In the early 1990s the Springfield District in the Farm Credit System engaged in a major strategic planning initiative called the Springfield District Planning Project. Paul Eddy was co-chair of the Steering Committee for that project. Several major organizational changes occurred in Farm Credit on January 1, 1995 as a result of the Springfield District Planning Project, two of which are relevant to this post.

First, the Farm Credit Bank of Springfield and the Springfield Bank for Cooperatives merged into CoBank. CoBank is the part of the Farm Credit System that we at Yankee Farm Credit borrow our money from. Second, Champlain Valley Farm Credit and Farm Credit of the Connecticut Valley merged to form Yankee Farm Credit. I was the new chief financial officer of Yankee Farm Credit. The new president of Yankee Farm Credit, and therefore my new boss, was Dean Moreau.

It's a small world!

The image above is a metal advertising sign for Hump brand ice cream that I found when we were cleaning out the plant in Richmond when it was sold in 1983. The "Hump" is nearby Camels Hump, one of the highest mountains in Vermont (but not the highest).

New Employee - Jim Mills

I am pleased to announce that Jim Mills​ from Burlington, VT began work as risk director on March 30th. This is a new position for us. Jim will be responsible for enterprise risk management at Yankee Farm Credit. He will be a member of the senior management team, working out of the Williston office.

Jim is a native of Rutland. He earned a Bachelor of Science degree in Business Management from the University of Vermont, and worked for J.P. Morgan in the big city for a few years before coming back to Vermont. More recently Jim worked in risk management for Bombardier Capital and Bombardier, Inc. in Colchester.

Outside of work, Jim is a marathon runner and triathlete (he has completed an Ironman Triathlon), and he is active in two theatre companies.

Please join me in welcoming Jim to the Yankee team!

New Employee - Ellen Stebbins

I am pleased to announce that Ellen Stebbins​ from Enosburg Falls, VT began work as a documentation specialist/office assistant in our St. Albans office on March 23rd. Ellen earned her Bachelor of Arts degree in Business Management from Johnson State College. She has previously worked for the Department of Homeland Security, Northwestern Medical Center, and Bourdeau Brothers.

Ellen lives on a dairy farm with her husband and two sons, and is excited to be a part of Yankee.

Please join me in welcoming Ellen to the Yankee team!

New Employee - Danielle Tierney

I am pleased to announce that Danielle Tierney from Mooers, NY joined us on February 16th as a financial services assistant in our Chazy office. Danielle earned an Associates degree in Accounting from Clinton Community College and a Bachelor of Science degree in Business Management from Plattsburgh State University of New York. She has previously worked for A.N. Deringer.

Outside of work, Danielle is pursuing certification as an emergency medical technician (EMT).

Please join me in welcoming Danielle to the Yankee team!

Promotions

I am pleased to announce several promotions since the first of the year.

In our White River Jct. office, Katy Coombs has been promoted to loan officer. Katy joined us in June 2014 as a credit analyst. In the past two years she has learned our credit delivery systems and become acquainted with many of our customers. She is also the instigator of numerous fun events in the office. If you happen to stop by the office on a holiday such as Halloween or St. Patrick's Day, and some of the employees are dressed funny, Katy is probably the reason!

Also in our White River Jct. office, Cory Haggett has been promoted to loan officer. Cory joined us in August 2015 as a credit representative. He quickly translated his prior business experience into learning the basics of the lending business, and has been working with many of our customers. He has even closed a FarmStart investment.

In our St. Albans office, Pam Custeau has been promoted to documentation specialist. Pam joined us in February 2015 as an office assistant. She has learned our front office operations, and now she will help us become more efficient with document preparation. This is actually a role that Pam has had considerable experience with when working for commercial banks earlier in her career. This position will be important to helping the entire credit team in St. Albans serve its customers effectively and efficiently.

In our Williston office, Erika Quick has been promoted to administrative assistant/marketing coordinator. Erika joined us in July 2015 as an administrative assistant, and quickly demonstrated an aptitude for marketing, including enhancing our presence on social media. She has been an active contributor here on the blog and on our Facebook page.

Please join me in congratulating Erika, Pam, Cory and Katy on their promotions!

2015 Patronage Refunds Paid

Today Yankee distributed $4.9 million in patronage refunds to members who borrowed from us in 2015. This represents approximately 48% of Yankee's 2015 net income of $10.2 million. The cash patronage refund effectively reduced average loan rates to members by approximately 24% in 2015.

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 21 years exceeding $63 million.

Click here for a news release issued today about Yankee's 2015 patronage refunds.

Farm Credit 100 Fresh Perspective local Honoree

Green Mountain Farm to School, Founder and Executive Director Recognized by Farm Credit in National Search for 100 Fresh Perspectives Shaping Rural America and Agriculture

Williston, VT. March 15, 2016 – Katherine Sims, Founder and Executive Director of Green Mountain Farm-to-School in Newport, VT is among visionaries being recognized nationally through Farm Credit 100 Fresh Perspectives, a search to identify and honor 100 leaders who are changing rural communities and agriculture for the better.  The honorees were announced at a National Ag Day event at the National Press Club in Washington, D.C.

Katherine Sims

Farm Credit launched the Farm Credit 100 Fresh Perspectives program as part of its 100^th anniversary of service to rural communities and agriculture.  As a Farm Credit 100 Fresh Perspectives honoree Sims joins an impressive list of leaders in agriculture and rural enterprise.

“Farm Credit has supported rural communities and agriculture for 100 years, and we appreciate the vision it takes to remain successful over time in agriculture and rapidly evolving, thriving rural industries,” said George Putnam, Yankee Farm Credit President and CEO. “We are delighted to honor Katherine Sims as a leader who is helping to define the future of rural communities and agriculture. This honor helps recognize Katherine Sims’ work on behalf of rural communities and agriculture, and her ability to further contribute to a vibrant future for rural America.”

Selected by a panel of experts on rural matter, including Farm Credit leaders and others from around the agriculture industry, honorees like Sims are among the best-of-the-best who are positively shaping what is next for rural communities and agriculture.

Farm Credit joins the nearly 80 Farm Credit organizations that are celebrating the dynamic future of rural communities and agriculture.

For a complete list of the Farm Credit 100 Fresh Perspectives honorees, visit farmcredit100.com/top100.

About Green Mountain Farm-to-School
Green Mountain Farm-to-School (GMFTS) is a non-profit organization in Newport, Vt. that strengthens local food systems by promoting positive economic and educational relationships between schools, farms, and communities. GMFTS supplies fresh, local food to schools and institutions and gives students of all ages the knowledge and skills they need to make healthy food choice through school gardens, farm-to-school programs, a regional food hub, and mobile learning kitchen. For more information, visit www.greenmountainfarmtoschool.org or call 802-334-2044.

About Farm Credit
Farm Credit supports rural communities and agriculture with reliable, consistent credit and financial services, today and tomorrow. Farm Credit has been fulfilling its mission of helping rural America grow and thrive for a century by providing farmers with the capital they need to make their businesses successful and by financing vital infrastructure and communication services. For more information about Farm Credit please visit http://www.farmcredit.com/.

 





2015 Financial Results

Full-year net income for Yankee was $10.2 million, an increase of $169 thousand over 2014. One of the most significant factors driving the increase was net interest income which increased 3.0% to $15.1 million, up from $14.7 million in 2014. Also contributing to the increase in net income was an increase of $260 thousand in patronage refunds from CoBank and a reduction of $147 thousand in the provision for credit losses, as compared to 2014. These favorable factors were offset by an increase of $618 thousand in expenses other than interest expense.

Year-end loan volume at December 31, 2015 was $449.0 million, up 3.6 percent from the prior year. The loan portfolio continues to be concentrated in the dairy industry, with 49 percent of the loans invested in dairy businesses. The second largest concentration is timber, with 15 percent of the loan volume at year end, with maple as the third largest concentration with 9 percent.

Credit quality across Yankee’s portfolio remained stable during 2015 and was well within the risk-bearing capacity of the Association. At year-end 0.4 percent of the Association loans were classified as nonperforming, compared to 0.6 percent at the end of 2014. There was a charge-off of $25 thousand and recoveries totaling $4 thousand recorded during 2015. The Association’s capital position remains strong.

The Board of Directors approved a patronage refund to members in the amount $4.9 million for 2015, to be paid 100% in cash. 2015 patronage payments will be made on or about March 23, 2015. Patronage refunds will be distributed either in the form of a check or direct deposit to members’ bank accounts.

Our 2015 Annual Report can be found on the Association website here.

2016 Director Nominees

Having a strong board of directors is one of the things that makes Yankee a successful agricultural service institution. Our Nominating Committee is dedicated to providing a diverse selection of candidates for members to vote on. In April, our members will have the chance to vote at our Annual Meetings for the three positions up for election . There is one position in each region for a three year term on the ballot.
The Nominating Committee met on January 20th, to interview potential candidates for director.

The following members were nominated for the three 3-year terms:

Region 1
Alan Bourbeau (incumbent)
Anne Lincoln

Region 2
Bryan Davis (incumbent)

Region 3
Rene Saenger (incumbent)
David Folino

Below is a map of the director regions

Despite the committee's best efforts it was unable to find a second willing candidate to run for the position of Association Director in Region 2.

If you are interested in running for director in the future, we encourage you to contact anyone on the Nominating Committee. See the annual report for names and contact information.

Thank-you to the Nominating Committee members and to the candidates for director for their time and devotion to providing an excellent ballot for our members.



New Employee - Nick Guyer

We are pleased to announce that Nick Guyer from Burke, VT will be joining the Yankee team as an Appraiser Trainee.  Nick will be starting full time on May 30^th in our new Derby office.

 

Nick earned a BA in History and Global Studies from St. Lawrence University.  He is a Certified Residential Real Estate Appraiser with residential appraisal experience as well as a Realtor with real estate sales experience in the Derby office coverage area.  His real estate experience will be extremely relevant in his position and will give him a running start on his Certified General Appraiser license training.  We are excited to have him join our appraisal team.