Alabama Ag Credit to Award Scholarships
Alabama Ag Credit will award 10 - $1,000 scholarships to dependents of Alabama Ag Credit borrowers that are graduating high school in 2019 and plan to further their education. Deadline is March 8, 2019. Click below for more details, rules & to download the application.
2019 College Scholarship Application
Alabama Ag Credit Lends a Hand
Montgomery, Ala. – Alabama Ag Credit, a rural lending cooperative serving 40 counties in South Alabama, continues to provide assistance to its borrowers and the rural communities it serves after the devastation caused by Hurricane Michael.
“As a part of the Farm Credit System, we were established to support agriculture and rural communities in good times and bad,” said Doug Thiessen, Alabama Ag Credit chief executive officer. “The day after the storm hit, and every day since, our priority has been reassuring our customers that we will be with them to help their operations recover.”
The association has contributed in excess of $50,000 towards recovery of the wiregrass agricultural community by donating to several organizations, taking supplies directly to those affected, and working with customers to help their operations through the tough recovery. While employees were on the road and on the phone checking on customers in the immediate days after the storm, Alabama Ag Credit has continued its support for the agricultural communities. Donations made by the co-op include $25,000 to the Alabama Farmers Federation’s relief fund and $15,000 to the Alabama Cattlemen’s Association relief fund. In addition, the co-op donated two semi-truck loads of drinking water to the American Red Cross.
Eight counties served by Alabama Ag Credit sustained major, and direct, damage from Hurricane Michael, resulting in more than $204 million in economic losses.
Reeltown Farmer Veterans Tell Their Story in Washington
Montgomery, AL – Tim & Dawn Smith of Reeltown, AL are spending this week in Washington, D.C. to talk to policymakers about their transition into farming from a previous life in the U.S. Air Force. Both retired from the military, they are now cattle producers and recently started a vegetable and hydroponic operation that was approved to use the Homegrown by Heroes label in May 2018.
To help these farmer veterans differentiate and market their products, Farm Credit and the Farmer Veteran Coalition partner on the Homegrown by Heroes program – a voluntary marketing label that allows consumers to support farmer veterans. On July 11 and 12, Alabama Ag Credit sent stockholders Tim & Dawn Smith to Washington D.C. to join more than 30 farmer veterans in order to celebrate their service and help policymakers understand the importance of programs that enable returning service members to forge meaningful careers in agriculture.
Events begin today, July 11, with Hear from our Heroes, a panel of farmer veterans who will be sharing their journeys with a Capitol Hill audience. The group will kick off the conversation with a special Homegrown by Heroes announcement Wednesday at 11:30 CT.
Wednesday evening we’ll celebrate our veterans with a reception and then we’ll continue the dialogue on Thursday morning, when the group meets with Deputy Secretary of Agriculture Stephen Censky and the Department of Agriculture’s new military veteran’s agricultural liaison, Bill Ashton.
Alabama Ag Credit Announces Board of Directors Election Results
Montgomery, AL – Voting stockholders of Alabama Ag Credit have elected one new member, one incumbent and one returning member to the Association’s Board of Directors. The board of directors are responsible for establishing policies, providing strategic direction, and overseeing all major institution functions. The individuals elected were:
- Kimberly H. Adams, Montgomery, AL, fulfilling a three-year term
- John Carl Sanders, Brundidge, AL, fulfilling a three-year term
- Timothy D. Tucker, Uriah, AL, fulfilling a remaining two-year term
Kim Adams owns and operates a pine and hardwood timber farm. Mrs. Adams also owns a full-service law practice concentrating in Governmental Affairs and Governmental Law.
Carl Sanders is a full-time farmer where the primary commodities produced are peanuts, cotton and corn. In addition, Mr. Sanders has a brood cow operation.
Tim Tucker owns and operates, Tim Tucker Farm, which consists primarily of cotton, cattle, peanuts, and timber production. Mr. Tucker is also a stockholder, vice president and board member of Monroe County Gin.
Alabama Ag Credit is governed by a Board of Directors that reflects the diversity of agriculture in the Association’s forty counties in southern Alabama. Six Directors are elected by the borrower-stockholders and two are appointed by the Board for their outside expertise.
Millry, Ala. Residents Meet with USDA & Members of Congress
Montgomery, AL – Chris & Christie Irons of Millry, Ala., recently saw firsthand how Farm Credit’s cooperative structure and unique funding mechanism enable it to help rural communities and agriculture thrive. The Irons, borrower-stockholders of Alabama Ag Credit since 2014, were among 14 agricultural producers who attended the 2018 Farm Credit Young Leaders Program in New York City and Washington, D.C.
The 13th annual program included visits to the BNY Mellon brokerage firm and the Federal Farm Credit Banks Funding Corporation. There the group learned how the sale of highly rated Farm Credit notes and bonds to investors provides a steady stream of funding that local lending cooperatives put to work in rural communities. Nationwide, Farm Credit provides more than $259 billion in financing to farmers, ranchers, rural homeowners, agribusinesses and other eligible borrowers.
The group also traveled to the nation’s capital to at the U.S. Department of Agriculture, as well as met with members of Congress and congressional staff on Capitol Hill. The five-day program also included a visit to Mount Vernon, George Washington’s innovative farming and milling operation.
Chris owns a forestry and wildlife consulting company in southwestern Alabama. A registered forester, associate wildlife biologist, prescribed burn manager and licensed real estate agent, he also is a partner in a company that manages 38,000 acres and provides consulting services for private landowners. Christie is a professional taxidermist, and owned a taxidermy and deer-processing business in Thomasville, Ala. Chris and Christie have 2 daughters, ages 20 and 15.
Alabama Ag Credit Borrowers Receive Over Half of the Associations Profits
Montgomery, AL – Alabama farmers and rural property owners who borrow money from Alabama Ag Credit aren’t just borrowers – they own the lending cooperative. That means that when the co-op does well, they share in its success. And for Alabama Ag Credit, 2017 was a very successful year.
Based on its successful financial results last year, Alabama Ag Credit recently returned over half of the association’s profits, a record $8.5 million in patronage to its borrower-stockholders. The amount was approved by the cooperative’s board of directors.
“We are proud of Alabama Ag Credit’s continued strong financial results and the opportunity to give back to agriculture and rural Alabama,” said James L. Bassett, board chairman.
Cash-back payments like this benefit the association’s borrower-stockholders, their families and their local communities where that money is circulated. They also lower the overall cost of borrowing from the cooperative. Since 2006, Alabama Ag Credit has returned more than $67 million in distributions to its borrowers.
Alabama Ag Credit is a member of the nationwide Farm Credit System and provides financing for farms, timber and forestry operations, agribusinesses, country homes, recreational land and other rural property in 40 counties in southern Alabama. The financing cooperative has offices in Demopolis, Dothan, Enterprise, Monroeville, Montgomery, Opelika, Selma, Spanish Fort and Tuscaloosa.