Friday, August 26, 2016

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 15th.  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!


Wednesday, August 24, 2016

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.

Friday, August 19, 2016

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.

Friday, August 12, 2016

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?
  • Click here for instructions with print screens, or
  • Contact a Yankee Farm Credit Financial Services Representative for assistance. 

Wednesday, August 10, 2016

New Employee - Kelsey Klauzenberg

Kelsey Klauzenberg joined our Middlebury staff on Monday, July 25th, 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".

Thursday, August 4, 2016

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.

Tuesday, August 2, 2016

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.