Incoming CEO Announced

Yankee Farm Credit announces that Brenda Frank will start on October 1, 2016 as President and CEO Elect, taking on the full duties on January 1, 2017. Ms. Frank replaces retiring President and CEO George Putnam.

Brenda Frank has dedicated her career to making a difference in the business of agriculture. During her ten year career at Farm Credit Canada, she managed the commercial lending and point of sale finance functions for the Western Provinces of Canada. She also held roles working closely with the Board of Directors at Farm Credit Canada, to create long term business strategy, enterprise risk management and corporate planning processes.

Ms. Frank has a Bachelor Degree in Soil Science from the University of Minnesota, and an MBA from the University of Maryland. She is also a Chartered Director from McMasters University in Canada.

Ms. Frank’s twenty seven years of experience in agriculture started with managing the family farm in central Minnesota. She joined Syngenta in 1997 working in sales, and IT management. She then led a team of grain marketers and agronomy specialists at Cargill in Minnesota and South Dakota, prior to moving to Canada.

Brenda commented on the opportunity, “Yankee Farm Credit has a long history of commitment to agriculture. I look forward to working with the innovative and visionary people in the Association and the members we serve.”

In addition to work experience, Brenda is engaged in the study and advancement of good corporate governance, through the Directors College in Canada. Brenda’s community involvement has included working to address poverty for children and the elderly and dedication to ending the impacts of domestic violence.

George Putnam has been instrumental in the success of Yankee Farm Credit, serving as the President and CEO for the past 10 years. Under George's leadership gross loan volume more than doubled with the staff complement evolving to meet the growing needs of the members.

Board Chairman, Paul Franklin noted, "With such growth comes changes in human resources, technology, and regulatory compliance. The Board is thrilled to have Brenda take over the reins and apply the skills she has gained from her experience with Farm Credit Canada. Brenda is impressed with the diversity of agriculture in Yankee's geographic area and excited about meeting the challenges of Yankee's future. Brenda, and her husband Doug, are attracted to our region's beautiful landscape and its rich culture and history. The Board looks forward to working with Brenda and wishes them the best in their integration with the business and social fabric of our region."

New Employee - Matthew Thompson

Matthew Thompson is a recent graduate of Summit University of Pennsylvania with a Bachelor’s in Business Administration and joined the White River office as a Credit Analyst.  Matthew is coming to us from Chateaugay, NY and started on August 15^th.  Having grown up in a farming community he has a strong desire to help agriculture thrive in the Northeast.  He recently completed an accounting internship and spent several years as a farmhand, he is looking forward to putting his understanding of accounting, farming and analytical skills to work.
Please welcome Matt to our Yankee Farm Credit team!

Yankee Chooses AgFirst as Service Provider

Yankee Farm Credit has selected AgFirst Farm Credit Bank as its new service provider. Details are in this news release.

This announcement is significant for Yankee, and it is potentially significant for the Farm Credit System. It introduces a new model into the Farm Credit System. This is the first time that AgFirst has offered its full suite of services and technology solutions to associations in the Farm Credit System that are outside of its district. In fact, it is the first time that any bank in the Farm Credit System has done so.

We at Yankee are pleased that AgFirst is now offering this new model to the Farm Credit System, and we are excited to be the first association to sign up. This new model will help us better serve our members.

The structure of the Farm Credit System was significantly affected by the Agricultural Credit Act of 1987. (Vermont's Senator Patrick Leahy was deeply involved in shaping and passing that law as Chairman of the Senate Agriculture Committee.) System structure has continued to evolve since that time under the authorities specified in that law. This latest step in that evolution will contribute significantly to the continued strength of associations like Yankee, and I believe, the entire Farm Credit System.

New Employee - Shannon Francis

Shannon Francis joined our Middlebury staff on Monday, August 15th as a Financial Services Assistant. Shannon brings more than 12 years of banking experience and working on the family farm processing bookkeeping records. We are looking forward to her help in expanding our Financially Related Services team and helping us grow the records program in the Middlebury area. Welcome to Yankee Farm Credit Shannon!

Shannon Francis, Yankee's newest employee.

How to Obtain Your New Vermont Tax Number

Effective September 30, 2016 quarterly withholding tax form submissions and payments (i.e. employee withholdings, sales & use, meals & rooms) must be submitted using the new VT Tax ID number assigned to you late last year.

Don’t know your new number?

• Contact the VT Dept. of Taxes at:
  •  (802) 828-2551 (option 3)
  • or email tax.business@vermont.gov.

• Click here for instructions with print screens, or

• Contact a Yankee Farm Credit Financial Services Representative for assistance. 

New Employee - Kelsey Klauzenberg

Kelsey Klauzenberg joined our Middlebury staff on Monday, July 25^th, as an Office Assistant.  Kelsey is a graduate of VTC with a Bachelor’s degree in Equine Business Management.  Most recently she was involved with teaching riding lessons and caring for horses.  Kelsey interned as a Client Care Coordinator for an animal hospital where she gained valuable experience as an office assistant.  Kelsey is looking forward to supporting the ag industry and honing her business skills. If you are in the Middlebury area stop in and say "hello".

Q2 2016 Financial Results

I’m hoping that everybody is having a wonderful summer.  As we get close to the mid-way point, Yankee can announce that we had another good quarter. We saw a slight decrease in net income as compared to the same period last year.  Most of this can be attributed to the Association taking a small provision for credit losses in Q2 2016 as compared to a negative provision for credit losses during the same period in 2015.  The Association also saw increases in operating expenses.  Both increases were offset by favorable net interest income and fees for financial services as compared to the same period last year. The balance sheet shows that loan volume was up from year-end and the quality of the loan portfolio remains stable through the second quarter. All of these good results have one factor in common – good members.

Quarterly net income for Yankee was $2.7 million, down $439 thousand from the same period in 2015. Increases in the provision for loan losses of $473 thousand and an increase in other expenses of $482 thousand were partially offset by an increases of $330 thousand in net interest income and $186 thousand other income.

Loans held by the Association at June 30, 2016 were $453.2 million, up 1.0 percent from year-end. 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 quarter-end.

Credit quality across Yankee’s loan portfolio remained stable during the quarter and well within the risk-bearing capacity of the Association. At quarter-end 0.4 percent of the Association loans were classified as nonperforming, unchanged from the end of 2015. There were loan charge-offs of $1 thousand and recoveries of $10 thousand in the quarter. The Association’s capital position remains strong.

The 2015 patronage refund to members in the amount of $4.9 million was paid 100% in cash on March 23, 2016.

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

Loan Officer Career Opportunity

Yankee Farm Credit, a leading provider of credit and financial services to the agricultural community in Vermont, western NH and the Champlain Valley of NY is looking for people passionate about agriculture and who want to be involved with supporting local farm businesses to ensure their success.

In our White River Junction office we currently have the following opening:

Loan Officer or Senior Loan Officer - manage and grow an existing loan portfolio by extending sound credit, including loan origination, financial analysis, servicing, and collecting commercial loans. The position requires strong computer skills, Bachelor’s degree in accounting, business or agricultural economics, and minimum lending experience of 1 year for loan officer or 5 years for a senior loan officer.

For a detailed job description, please visit our website.  To apply, please send a cover letter and resume to: Ruchel St. Hilaire, Yankee Farm Credit, 289 Hurricane Lane, Williston, VT 05495 or e-mail to Ruchel@yankeeaca.com

Yankee Farm Credit offers a full, comprehensive benefits package.  Yankee Farm Credit is an equal employment opportunity employer, disabled and veterans.

Yankee Farm Credit and CoBank Donate $10,000 to Green Mountain Farm to School

 

Katherine Sims of Green Mountain Farm to School
and Yankee Board Member Bryan Davis

Derby, Vermont (July 15, 2016) – Green Mountain Farm to School recently received $10,000 from Yankee Farm Credit and CoBank, two cooperative lending institutions in the Farm Credit System. Katherine Sims, Founder and Executive Director received the donations from Bryan Davis, Yankee Farm Credit’s Board member, Loren Petzoldt, Yankee Farm Credit’s Derby office Branch Manager, and George Putnam, Yankee Farm Credit’s President and CEO. Each institution contributed $5,000.

CoBank’s contribution is part of their “Sharing Success” program, a $3 million matching grant program designed to benefit cooperatives and charitable groups they support throughout rural America. CoBank launched this program in 2012 to coincide with the United Nations’ “International Year of Cooperatives.”

Katherine Sims of Green Mountain Farm to School said: “We are thankful and honored to receive support from Yankee Farm Credit and CoBank. Their matching Sharing Success donations will go a long way in helping us plant school gardens, source local food in the cafeterias, and continue educating our children and communities about healthy foods.”

Yankee Farm Credit’s George Putnam commented: “We are pleased to recognize and support the efforts of Green Mountain Farm to School, and its founder Katherine Sims, to promote awareness and use of good, local foods in our schools. Their programs help our children learn healthy eating habits and build connections to where our food comes from.”

 

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 about GMFTS, please visit their website at http://greenmountainfarmtoschool.org/.

 

CoBank is a cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. A proud member of the Farm Credit System, the bank also provides wholesale loans and other financial services to affiliated Farm Credit associations, including Yankee Farm Credit, which in turn serve farmers, ranchers and other rural borrowers in 23 states around the country. For more information about CoBank, visit the bank’s web site at www.cobank.com

Yankee Farm Credit Celebrates 100 years of Farm Credit with Open Houses.

On Friday July 15^th, 2016 four of Yankee Farm Credit’s offices opened their doors to celebrate the Centennial Anniversary of Farm Credit. Derby, St. Albans, Middlebury and White River Junction VT, each welcomed past, present and hopeful future customers, directors, families and friends  to highlight the 100 years of service Farm Credit has been able to offer the agricultural and rural communities.

Each branch welcomed visitors to join them for lunch and festivities.  Everyone was welcome for fun, food, a chance to catch up with your local office staff or meet them for the first time.

Middlebury's collection of
Vintage Farm Credit signs

If you were lucky and visited White River Junction you could have left with a tractor painted on your cheek! St. Albans had lawn games in full swing with Island Ice Cream, Middlebury had a showcase of vintage Farm Credit signs on display and the Derby office had the honor of an extra -special guest at their Open House.

Katherine Sims of Green Mountain Farm to School stopped by the Derby office to accept matching donations of $5000.00 each from Yankee Farm Credit and CoBank, as part of CoBank’s “Sharing Success” program. George Putnam, Yankee’s President and CEO also presented Katherine with a personalized plaque awarded to her by Farm Credit as a top 100 Fresh Perspective Honoree. A program created by Farm Credit to highlight 100 individuals or organizations creating the future of agriculture and rural America across the nation. 



President and CEO, George Putnam and
 GMFTS Executive Director, Katherine Sims

A few comments from Yankee Farm Credit’s board members on our 100 Years Open Houses:

 “Enjoyed the time out to catch up with employees and customers that I don't usually cross paths with. Good summer time food,- especially the baked beans. Hats off to the preparers of the photo albums of earlier association times and members. Makes you appreciate the earlier footprints we are all following. Thanks for the work of all the staff to pull it together.”

                -Paul Franklin, Board Chairperson

 

 “The open house event in White River Junction was very enjoyable because it gave my sons and me the chance to visit informally with various members of the staff in a relaxed, festive setting. It’s great to get to know what they’re doing in their lives both professionally and beyond. They’re a pretty impressive group.”

- Steve Taylor, Board Member

 

The White River Jct., staff.

 “The 100th year open house celebration was a hit.  When the kids and I had the tour, they realized how much YFC had grown since their loans with Ken at the old office.  100 years seems like a long time until you are sitting with member friends of 30 years plus and it occurs to you that you have been a part of this amazing organization for just shy of a third of that time.  Couldn't stay long enough to see everyone, but it was encouraging to see a FarmStart couple take the time to attend.”

                                -- Rene Saenger, Board member

The St. Albans staff.

 

“It was so good to see our members.  When I see the many different ages and enterprises represented, it reaffirms my belief that Yankee has and will continue to play an essential role in agricultural communities, farm families and the well-being of our nation.”

                -Rocki-Lee Dewitt, Board Member