CEO'S LETTER - We Owe Our Success to Our Customers
Dear Stockholder:
On behalf of the entire board of directors and staff of
Alabama Ag Credit, I want to offer sincere thanks to you,
our customer, for the many ways you contribute to this cooperative
organization. In reality, there isn’t enough room
on this page for me to list all the wonderful things you do.
However, I do want to highlight three specific contributions
you make, for which we are all truly thankful.
First, you contribute to the governance of the association through the election of members
who serve on the board of directors. These directors are also customers just like you,
and they are responsible for providing strategic guidance and oversight to the organization.
Having board members who are also customers brings transparency and credibility
to the overall governance process and better ensures that the organization is managed to
the benefit of those who use it.
Second, you recommend new, high-quality business to us. Although we live in an
electronic world, where consumers can find a lender with the click of a mouse, research
shows that a personal recommendation by a friend or family member has a big impact
when people are making a buying decision. At Alabama Ag Credit, we take pride in how
much of our new business comes from referrals by existing customers. You can see evidence
of that contribution in the loan growth this association has seen year after year.
Third, you contribute by following through on your commitment to the association. Our
strong credit quality and overall financial performance is a direct reflection of those who
do business with the association. Yes, we have a great staff of people who work hard on
your behalf, and I’m proud of them all, but ultimately it is the customer who makes the
loan payments that lead to a profitable association.
And that commitment does not go unrewarded. One of the greatest benefits of being a
part of this cooperative is that you share in the profits the association generates. By now,
you are all aware that in March we returned a record all-cash patronage of $5.1 million,
which was due to the very successful year the association had in 2010. Your commitment
was rewarded in spades, or rather dollars, back to you.
Again, you are the reason we are in business. Thanks to you, Alabama Ag Credit is still
strong after almost a century.
Sincerely,
Douglas Thiessen
Chief Executive Officer