DECEMBER 2021
Message from the President One of the unexpected outcomes of the pandemic has been a significant number of people changing jobs and careers with one in four workers changing jobs over the past year. The reasons for career changes are varied but include burnout, pandemic fatigue, low wages, poor benefits, work-life balance concerns, and the list goes on. One explanation perhaps not talked about as much is the gap that often exists between what the employee and employer value and a lack of BRIAN RICKER employee connection with the purpose and mission of the company. In a recent study, 90% of millennials said it was either “somewhat important” or “very important” that the work they do has a positive impact on the world. Most people, especially millennials, want a job that feels meaningful and is purpose driven. We have been fortunate over the years at AgCredit to have many loyal, tenured, passionate and hard-working employees. I attribute our good fortune to the purpose of our work, our mission, values, culture and our cooperative structure. The mission at AgCredit is something very fundamental and important to our cooperative’s success. Our mission is talked about during the interview and continues through employee onboarding. When difficult decisions are made, our mission statement, core values and other guiding principles help us with our decision process. I am very thankful to work for an organization and industry that I view as highly purpose driven. I wanted to share a little more depth into our mission and purpose here at AgCredit. The mission statement has changed very little since the board of directors first developed it in the early 1990s. Our mission statement reads as follows: A cooperative lender who returns profits to its borrowers and is dedicated to serving our rural community. We focus on building, nurturing and maintaining lifetime relationships for our customers’ and employees’ success. Being a cooperative lender is core to our mission and our purpose. As a cooperative, our customers are uniquely owners of AgCredit, and they share in its prosperity. Unlike corporate structures where distant investors own the business and expect a favorable rate of return on their investment, our borrowers are the owners. The cooperative model allows our borrower-owners
to be elected to the board of directors and to govern the association. We often say “Who, more than farmers, knows what farmers need?” Returning profits to our borrower-owners through patronage is included in our mission. Our goal is to price to the market and return any excess profits to our borrower-owners. For patient borrowers who study our 34 years of patronage history and consider the entire AgCredit value proposition, they will find an ever-changing market where interest rates are in constant flux. A competitor will invariably have a “special rate” of the week or month, however it is my belief over the long haul, it will be difficult to find a better all-around lender and advisor for your operation. Serving our rural community is an important part of our overall Farm Credit mission, and this allows us to extend our outreach in a giving and serving way to help the rural community where many of us reside. By making an investment in our youth through special YBS lending programs, by supporting FFA and 4-H, by giving through the AgCredit Mission Fund and through many other programs, we strive to meet this broad part of our overall mission. Being there for our rural community in the good and challenging times is an important part of our mission. We believe by tailoring a well-balanced, constructive financial package that enhances the success of a customer’s farm, rural property or agribusiness, we will effectively nurture that lifetime relationship. Ultimately, it is through service to others where a lifetime relationship of trust can be built, and both our customers and our employees enjoy this success. We are here to help our customers choose a product or service that is right for them and is in their best interest. In addition, we serve in an industry that provides food, feed, fuel and fiber to the world. It is this type of purpose that helps us to be thankful we have a career and job that is meaningful and purpose driven. We here at AgCredit are very grateful for all of our borrowers and for the relationships that have been built through the years. We’re looking forward to sharing details about our association patronage and financial results in early 2022. We’ve been fortunate to return on average 33.7% of accrued interest in cash over the past five years and are looking forward to another very successful year. Until then, we would like to wish everyone a Merry Christmas and Happy New Year.