JoAnn Vosse, of Freeburg, will retire from Farm Credit Illinois on August 15. She worked for 42 years with the Farm Credit System, 38 of them in the Belleville and Red Bud areas. She is based in the Red Bud regional office serving farm families and rural landowners in Monroe, Randolph, and St. Clair Counties. [Read more…]
News, Articles & Updates
Farm Credit Illinois recently welcomed three new staff members to three regional offices throughout its 60-county territory. The Paris regional office hired Danielle Craig on June 6 and Craig Neimerg on July 11, Jessica Schulze started with the Mahomet regional office on June 20, and Nicole Thomas began working in the Marion regional office on June 15.
A new poll of senior leaders from Midwest Farm Credit lenders shows commodity prices as the greatest challenge facing their customers. Farm Credit lenders are responding to this by providing services to restructure the financial situations of their customers. In addition, in a new AgriThought report, Jerry Lehnertz, senior vice president of Credit at AgriBank, examines the challenging farm economy and how lenders are helping farmers navigate it.
The poll’s results showed that 69.1 percent of senior credit and risk officers from the 17 Farm Credit Associations in the AgriBank District selected commodity prices as the top challenge. The next biggest challenges were input costs, credit availability and adverse weather effects. [Read more…]
The Farm Credit System’s 100th year of service to rural communities and agriculture is highlighting leaders throughout the nation who are positively influencing the future of agriculture through the Fresh Perspectives program. The State of Illinois is proud to host eight of the top 100 and one top 10 honoree – Penny Lauritzen of Lanark in youth education for her work in beginning the Women Changing the Face of Agriculture career discovery event.
Lauritzen received $10,000 to invest back into Rural America and chose to give each of her children and grandchildren $1,000 to support a community group close to their heart. [Read more…]
The topic of transition management is heating up in the agriculture industry. From production agriculture to agribusinesses, the baton is being passed from the baby boomer generation to the 18-34 year-old millennials. Members of the millennial generation will make up 50% of the workforce by 2020 and an astounding 75% by 2025. Many are the next business and land owners in an economic environment full of financial volatility, expanded technology, changing consumer trends, and uncertain public policy domestically and abroad. Let’s examine the upcoming management transition in greater detail, including possible suggestions as well as fatal flaws to avoid in the evolution of the business. [Read more…]
Farm Credit Illinois recently welcomed Brent Ford, of Allendale, as a vice president to the Lawrenceville regional office. The Lawrenceville office serves farm families and rural landowners in Crawford, Lawrence, Richland, and Wabash Counties.
Ford was raised on his family’s Wabash County grain farm and graduated from Mount Carmel High School before receiving his bachelor’s and master’s degrees in agribusiness economics from Southern Illinois University Carbondale. [Read more…]
Ken Hermann, of Champaign, will retire from Farm Credit Illinois on June 15. He worked for 35 years with the Farm Credit System, 15 of them with FCI as a credit analyst in the credit services division (CSD) at the cooperative’s central office in Mahomet.
Hermann grew up on his family’s St. Genevieve, Mo. grain and livestock farm. He began his career with the System as a loan officer in Missouri before assuming the role of a credit reviewer in the internal audit department for the Farm Credit Bank of St. Louis. Hermann then moved to Effingham, Ill. to become a special credit officer of risk assets. He began with FCI in 2002 as a credit analyst and relocated to Mahomet in 2008 when CSD consolidated. Hermann and his wife Denise have three children – Jason (Lindsey), Tyler (Shestin), and Anna – and four grandchildren – Allie, Brooks, Blake, and Paxon. [Read more…]
A combined $13,000 in funding to directly support the Supplemental Nutrition Assistance Program (SNAP) program was gifted to Urbana’s Market at the Square – $8,000 by Farm Credit. This funding will allow Urbana’s Market at the Square to match SNAP purchases at the farmers market up to $20 per Market day. The Market also received an administrative grant from LINKUp Illinois in the amount of $5,000 to help facilitate the SNAP Program to be expended over the next two years.
In Illinois, SNAP benefits are loaded onto a card called LINK. Customers may then use their LINK card at the farmers market to purchase eligible items including produce, meat, dairy, honey, bread, and food-producing plants. In the six years since the Market began accepting LINK, there have only been four SNAP double value programs. This year marks one of the largest awards ever received by Urbana’s Market at the Square to support the SNAP double value program, which began Saturday, May 21. [Read more…]
The Class of 2016 Farm Credit Agriculture Scholars were recognized at a scholarship luncheon at Farm Credit Illinois in Mahomet on Thursday, June 2.
A total of $36,000 of scholarships were awarded to 24 high school seniors pursing an agriculture-related major and career. Each scholar receives $1,500 to use towards their education. Twenty-one of the students attended the recognition program. [Read more…]
At the last Federal Reserve Open Market Committee (FOMC) meeting on April 26-27 the Federal Reserve (Fed) voted to keep the Fed Funds Rate at the current rate of 0.50%. Continued weak domestic economic growth and low inflationary pressures, along with global economic weakness and uncertainty, were cited as reasons for the FOMC’s decision. Currently, the futures market predicts a less than a 10% chance of the Fed Funds Rate increasing at the next FOMC meeting on June 14-15.
While the market is predicting the Fed will hold off on increasing the rate until the Dec. 2016 meeting, others think a rate hike could be in the short term. The Fed’s meeting calendar and its historical reluctance to increase interest rates too close to a presidential election indicates the June or July meeting as the potential time for an increase in the Fed Funds Rate. Fed officials have consistently said the June meeting is “live” for a possible rate increase, leaving their options open to move at any meeting. [Read more…]