Spring 2020 Financial Partner

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FarmCreditEast.com

Experiences that led from Farm Kid to CEO

ALSO IN THIS ISSUE:

2020 Director Candidates P.13 SPRING 2020

INSIDE

2 | News & Views

8 | Testimonial

12 | Director Candidates Intro

3 | CEO Column

9 | Patronage

13 | Director Candidates

4 | Cover Story

10 | Public Policy Update

N EW &V IEW S S Message from Farm Credit East Security Officer, Daryn Deveau Insights & Perspectives Be sure to check out Farm Credit East’s 2020 Insights and Perspectives report. This year’s edition provides industry outlooks and insights from both industry experts and Farm Credit East’s knowledgeable staff.

The Association’s highest priority is to protect our customers’ information. A common scam is “Caller ID Spoofing,” which occurs when a caller deliberately falsifies the information transmitted to your caller ID display to disguise their identity.

The persons committing this fraud may be seeking personal information such as social security numbers or other personal financial information. Never give out personal information such as account numbers, Social Security numbers, mother’s maiden name, passwords or other identifying information in response to unexpected calls or if you are at all suspicious.

If you get an inquiry from someone who says they are associated with Farm Credit East, hang up and call your local branch phone number which is reflected on your account statement or on our Website. Farm Credit East will always verify your identity using specific pre-set security questions before engaging in a discussion about your account.

Farm Credit East’s Customer Assistance Program

• Northeast farm economy

As a customer-owned cooperative, Farm Credit East is committed to providing the services and resources that our members need. That is why we offer a customer assistance program at no cost to you. Farm Credit East customers and family members may access the services of ESI Group by calling 800-252-4555 or visiting theEAP.com. This service, the same that is available to Farm Credit East employees, has a wide range of HR, legal, financial and personal wellness resources available. To use this complimentary service, just indicate that you are a Farm Credit East customer.

• Crop insurance update

Learn more: FarmCreditEast.com/CAP

• 2020 outlooks for the dairy, grain and oilseed, produce, greenhouse and nursery, forestry and fishing industries

Calling All Talented Photographers!

Topics Include: • Leadership for 2020 and Beyond

To view this year’s report, visit FarmCreditEast.com/InsightsAndPerspectives

Submit your photos for a chance to win $100.

We’ve received many creative images representing Northeast agriculture and country life from customers, employees and friends over the years. As the weather warms, we hope you’ll get outside to capture images representing modern agriculture, commercial fishing and forest products. Upload your creative shots for a chance to be featured in our 2021 calendar!

We look for photos representing Northeast agriculture during every season, so don’t forget to send in the snowy scenes you captured this winter too!

Ready! Aim! Shoot!

Upload photos at FarmCreditEast.com/Calendar Deadline: July 31, 2020 2

FINANCIAL PARTNER

CEO’s MESSAGE

WHAT GETS ME UP IN THE MORNING Mike Reynolds, CEO, Farm Credit East

I often heard people ask my predecessor

In the coming years, we will be

and training. In order to provide the best

Bill Lipinski, “What keeps you up at night?”

implementing other new technology

possible customer experience while also

and now that I’m CEO, people are asking

and processes. While some of these new

remaining efficient, we will be sharing

me the same question. While there are

systems are required for compliance or

work among offices to match tasks with

plenty of challenges in today’s business

security reasons, the primary goal of our

the best person available. So the phone

environment that can cause insomnia, I

new investments is to help us improve the

may get answered or the tax return may be

usually turn the question around and focus

customer experience.

completed in a different office than your

instead on what gets me up in the morning.

local branch, but our customer-focused

Elsewhere in this issue of Financial

culture will not change and we will

Partner, you can learn more about me

continue to ensure customers receive the

and my journey to becoming CEO, but

highest level of service and expertise.

throughout my Farm Credit career I’ve been fortunate to get to know customers from across the association’s territory. I enjoyed the chance to meet with many members last fall as I attended all 20 of our branch office customer appreciation meetings. It’s great to learn about your operations and what’s going on in your

Farm Credit East is financially strong, we have great customers and an outstanding team.

In closing, I appreciate the confidence of the board of directors in choosing me to be CEO. I want to thank Bill Lipinski for his leadership and coaching to help prepare me for this role and thank all the members and the entire Farm Credit East team for their support. Finally, I want to acknowledge our Board Chair, Matt Beaton,

area or your industry and hear about

who has reached his term limit for board

your challenges, your successes and your

service this year. A cranberry grower

families. Being able to spend time with

from Southeastern Mass., Matt has been an

customers is one of the things that gets me up in the morning.

The same can be said of our Farm Credit

Some of these tools are designed to

outstanding leader for the organization,

streamline how you interact with us,

successfully guiding Farm Credit East

but we won’t diminish the personalized

through a number of major changes during

East team. As I finish up my first two months

customer service that is the cornerstone

his tenure. On behalf of our team and our

as CEO, I couldn’t be prouder of our team

of our business. In fact, the opposite is

members, thank you for your leadership.

and what they achieved in 2019 and what

true, as we want to free up more of our

they’re poised to do in 2020. Our team

team’s time to spend with customers

of an organization that is well-positioned

stepped up last year as we implemented

to have important conversations about

for success. Farm Credit East is financially

several new platforms, but they made sure

what’s going on in your business, what

strong, we have great customers and an

to continue to take care of customers and

challenges we can help you overcome and

outstanding team. There’s a bright future

achieve outstanding financial results. The

what opportunities we can help you take

ahead for all of us, and that’s what gets me

cooperative had record net income and in

advantage of.

up in the morning.

January the board approved $70 million

I’m fortunate to be taking over as CEO

In today’s digital age, where our team

in patronage dividends that was paid to

members are located is less important

customers in February.

than making sure they have the right tools SPRING 2020

3

Experiences that led from Farm Kid to CEO

4

FINANCIAL PARTNER

Mike Reynolds has spent his entire 30-year career rising through the ranks at Farm Credit East, but originally had a different destination in mind. It has been a winding road leading from his childhood days growing up on a Central New York dairy farm to becoming CEO on January 1, 2020. Despite some unexpected turns along the route, Mike’s experiences on the journey have helped prepare him as he takes over as CEO of Farm Credit East, ready to lead the organization down a road of continued success.

Mike Reynolds grew up on a dairy farm in

So, Mike’s career with Farm Credit began

Cooperstown, N.Y. While the farm wasn’t

when he took a position in the Dayville,

owned by his family, his father had worked

Conn. office in 1990. At that time,

for the owner for many years. The owner

loan officers handled a wide range of

had five children of his own, but he and

responsibilities including completing credit

Mike developed a very close relationship and

analysis, appraisals and tax returns. It was

inspired his passion for agriculture. Mike

during that early part of his career when

hoped to someday play an active role in

he gained a deep understanding of the

running the farm.

contributions that all staff make in serving

After graduating from high school, Mike attended nearby Hartwick College to earn his degree, focusing on business classes

the needs of customers — something that he has continued to appreciate as he has advanced to various leadership roles.

such as management and accounting to

For the next few years, Mike focused on

develop skills that he could bring back to

bringing value to his customers. “The branch

the farm after graduation. However, as Mike

manager at the time told me, ‘Always think

approached his graduation date, the owner

about the business as if it’s your own,’” said

of the farm took him aside and asked him to

Mike. “I took it to mean whether that’s the

do something a bit unconventional.

way you treat the customer or the work

The owner wanted to be certain if Mike returned to the farm, that it was something

ethic you bring, if you treat it like your own, everything will work out in the end.”

he wanted to do, and not something he

As Mike approached the three-year mark of

felt obligated to do. He told Mike he had

working at Farm Credit, the owner of the

to spend three years working somewhere

farm hired a Farm Credit consultant to draft

else to see if he still wanted to return to

a partnership agreement to help facilitate

the farm. He suggested Mike consider job

his return to the dairy operation. However,

opportunities at Farm Credit, as he was on

the final recommendation of the consultant

the board of directors at the time.

was unexpected. It was ultimately decided

SPRING 2020

5

More than just tax preparation Once, as I prepared the tax return for a long-time customer, I noticed they always had a sense for challenging the details of how Farm Credit prepared each year’s tax return. I made a note of this and challenged myself to bring something new to the customer with next year’s return.

The following year, I wanted to bring that customer more than just a tax return. I brought him three pieces of advice on how to save him money and return some investment to the farm. When I was done, the customer slapped the table and said, “It’s about time, I’ve been looking for that type of value to be brought to my business!” From that point on, I saw the true value of Farm Credit financial services.

that the agreement between the farm family

stewardship initiatives. These early efforts

and Mike as a partner would probably not

have been taken to great heights by the

be a good fit for either party for a variety

Bridgeton, N.J., office with the New Jersey

of reasons. That experience helped Mike

Agricultural Leadership Fund in memory of

understand the value that Farm Credit’s

former employee Joshua Geary. Today many

financial services can bring, providing

offices host golf tournaments and other

insight and advice that can help change the

events to build community and raise funds

course of a business, or even the course of

for agricultural and local organizations.

someone’s life, in this case his.

growth during Mike’s tenure as branch

working as a loan officer in the Dayville,

manager. The Flemington office territory

Conn., office, and later the Oneonta,

encompasses some excellent farmland and

N.Y., office. Throughout this time, Mike

agricultural areas in northern New Jersey,

continued to keep his focus on customers

but is also heavily influenced by its location

and what he could do to provide value to

near suburban areas surrounding New York

their businesses.

City. For this reason, its agriculture and

The convergence of a new opportunity and his personal life resulted in him moving with his wife Melissa to take a position in

FINANCIAL PARTNER

land prices are tied closely to the general economy, which had a significant setback following the financial crisis of 2008.

the Flemington, N.J., office in 1994 where

The Flemington office, and the whole

he spent the next 24 years of his career,

association, weathered the financial crisis

becoming the Flemington office manager

through prudent underwriting and working

in 1999.

with customers to find the best possible

Mike and his team saw the opportunity to become more involved with community and industry organizations and organized some of the first fundraising events as a complement to Farm Credit East’s other

6

The Flemington office also had tremendous

Over the next several years, Mike continued

outcome for them and Farm Credit East.

Mike saw the importance of Farm Credit East being a relationship lender because being able to work with customers who may have had a financial setback or had seen the

value of their assets decline required having strong relationships

Chair, Matt Beaton, said during the Fall 2019 customer appreciation

built on open and honest communication.

meetings, the selection of an internal candidate to be the next CEO

After 14 years as branch manager, in 2013, Mike was promoted to Southern Regional Manager of Farm Credit East, overseeing

reflected the board’s desire for continuity of culture and leadership, and that Mike was the right person for the job.

the Flemington and Bridgeton, N.J., Claverack, Cobleskill,

“To develop the association and culture moving forward, we have

and Middletown, N.Y., branch offices. As the scope of his

to run all decisions through four lenses,” said Mike. “What’s good

responsibilities grew during his time as regional manager, Mike

for our customers, what’s good for the association, what’s good for

realized it was important to stay connected to the staff. He made

our staff, and finally, running the decision through a lens of safety,

it a point to visit with staff at the

regulation and compliance. Putting

offices in his region, to hear their

the customer first and never losing

concerns and have discussions with them about Farm Credit East culture and what it meant to them.

“When Mike was regional manager, he visited the office and stopped in to see me on more than one occasion,” said Kirk Williams, a tax consultant in the Claverack, N.Y., office. “He didn’t have to, but during his time as regional manager I always felt like I had his ear and that I could call him at any time. I always appreciated that.”

Mike was named as the Chief Business Officer late in 2017 and

When Mike was regional manager, he visited the office and stopped in to see me on more than one occasion. He didn’t have to, but during his time as regional manager I always felt like I had his ear and that I could call him at any time. I always appreciated that.

sight of providing value to them will continue to drive the long-term success of Farm Credit East.”

Mike’s philosophy has always been about putting customers first. From the time he started as a loan officer in Dayville, and now as the CEO, the foundation of Mike’s vision is a customer-focused culture.

And through all Mike’s years at Farm Credit East, knowingly or unknowingly, the turns he took along the way helped prepare him for the job and pointed him toward the corner office.

since that time has overseen all the credit and financial services functions of the organization. His track record of leadership in the organization led the board of directors to name him as the CEOelect of Farm Credit East in August 2019. His selection was the culmination of a multi-year succession process in advance of Bill Lipinski’s planned retirement as CEO at the end of 2019. As Board

The most memorable loan I’ve ever made It wasn’t the largest loan, nor was it to the biggest operation. Rather, it was a loan to a small farm that came to me with a new venture idea outside of the dairy farm. At first pitch, it sounded like a stretch. It required an investment that would weigh heavily on the business and if it didn’t work out, it would have cost everything. Nonetheless, the farmer put together a business plan which prompted the approval of a small loan to start a supplemental business.

It turned into the most profitable venture the farmer had ever taken on and helped him pay off all the farm’s debt all while gaining new experience outside the farming operation. This loan captured the essence of what the Farm Credit partnership with customers should be — enthusiasm, imagination and support of new ways to be successful.

SPRING 2020

7

“

Switching our records to Farm Credit East was easy.

They know the farm rules and laws necessary for accurate accounting.

”

ART SPIELMAN, OF SPIELMAN FARM, LLC IN BALTIC, CONN., TURNED TO FARM CREDIT EAST TO ENSURE HIS RECORDS STAYED ACCURATE AND UP-TO-DATE.

BUSINESS SERVICES HIGHLIGHT FINANCIAL RECORD-KEEPING A FULL SUITE OF SERVICES

HOW WE HELPED

Art Spielman has been working on his family’s dairy farm since he

Before transitioning to Farm Credit East’s record-keeping service,

was eight years old. Today, Spielman Farm, LLC, in Baltic, Conn.,

Art’s mother took care of the books. “The tax and payroll laws

has 1,200 cows, milking over 600, and also operates a custom

started to get too complicated,” explained Art. So, the Spielmans

harvesting business. Art’s parents had been utilizing some of

put their trust in the employees at Farm Credit East. “They stay

Farm Credit East’s other services, including credit services and

up-to-date in agricultural tax and payroll laws so that it’s one less

consulting, and when Art transitioned into a management role

thing we have to worry about,” said Art. Additionally, Art says that

several years ago, he decided it would be a good business decision

maintaining all of their accounting services, including payroll

to add payroll and financial record-keeping to the list.

and taxes, in one place has been a huge benefit. Now, Art and his family have more time to focus on the other important aspects of managing their business and are equipped with accurate and timely reports to help guide their decisions.

8

FINANCIAL PARTNER

FARM CREDIT EAST’S PATRONAGE DIVIDEND PROGRAM:

YOUR SHARE IN OWNERSHIP Farm Credit East is a financial cooperative, owned by the

customers we serve and governed by a customer-elected Board of Directors. Our customer-owners share in the financial cooperative’s success through patronage dividends. This cooperative model enables Farm Credit East to offer competitive interest rates up front, and then through continued success, return a share of net earnings to our owners via patronage dividends.

Patronage Paid by Year

$100

$90

$80

What you should know about patronage dividends:

$75

How does patronage impact your interest rate?

On average over the past three years, eligible customers have received 21 percent of the interest earned during the year. The level of the patronage payment is based on the interest earned from your loan during the year.

The chart below compares a rate from another bank to the Farm Credit East rate with the patronage dividend.

LOAN RATE

PAYMENT TERM

ANOTHER BANK’S TERMS $ 200,000 4.50 % $ 1,265

20

TOTAL INTEREST

Based on a patronage dividend of 21% of interest accrued.

This is an example and actual results may vary. Patronage is not guaranteed.

$20

$10

20 19

17 20

20 11 20 13 20 15

07

5

09 20

20

03

20 0

20

01

Customer-owners have earned more than $888 million in dividends from ownership of their cooperative over the past 24 years.

In 2020, $70 million from 2019 earnings was paid in February.

Special patronage of $15 million and $25 million were paid in October 2018 and 2019, respectively.

PATRONAGE NET DIVIDEND* INTEREST

$ 21,770

9

0

$ 103,672

FARM CREDIT EAST WITH PATRONAGE DIVIDEND $ 200,000 4.50 % $ 1,265 20 $ 103,672 *

$30

20

The Farm Credit East Board evaluates a variety of business factors, including earnings, growth and economic conditions, to determine if it is appropriate to pay patronage dividends in a given year. In evaluating these factors, the Board makes a business determination as to whether Farm Credit East earnings should be returned to customer-owners in the form of patronage dividends or retained on our balance sheet to help us continue serving agriculture, commercial fishing and forest products industries through cycles.

$40

19 9

Is a patronage payment guaranteed each year?

$50

19 97

ww Patronage payments are paid entirely in cash. Payments are taxable, so we encourage recipients to consult with their tax advisors about their specific situations.

$75

$60

In Millions

ww 2020 marked the 24th consecutive annual patronage payment we’ve paid, with $70 million in patronage dividends distributed to more than 11,250 eligible customer-owners. Additionally, in October 2019, Farm Credit East paid a special $25 million patronage dividend based on 2019 earnings.

$7

$70

$ 81,902

$888

MILLION IN DIVIDENDS

SPRING 2020

9

WASHINGTON Update

Tom Cosgrove Executive Vice President for Public Affairs

A Busy End to 2019 and a Look Ahead to 2020 In the Fall issue of Financial Partner, I

different situation than a year ago when a

speculated about the impact the upcoming

partial government shutdown lasted 35 days

Presidential election and impeachment

into late January 2019.

proceedings would have on some of the major policy issues that were pending at the end of 2019.

I wondered if the political headline issues

Another important recent policy development was the approval of USMCA,

AGRICULTURAL LABOR Also, in December the House passed

which passed the House in December, the Senate in January, and was signed into law

the Farm Workforce Modernization Act,

on January 29, 2020. This agreement among

would mean everything else in Washington

HR 5038, by a vote of 260-165, supported

the three countries to replace the North

would grind to a halt. The good news is that

primarily by Democrats, but also by 34

American Free Trade Agreement (NAFTA)

there was some progress on a number of

Republicans. The bill enjoyed strong

needs to be ratified by all three countries to

fronts at the end of 2019 and early in 2020.

support in the Northeast with all but two

take effect. Canada still has to approve as of

In this column, I’ll recap those developments

Representatives from Farm Credit East’s

the writing of this column.

and provide an outlook for 2020.

seven states voting in favor.

This bipartisan bill would make three

GOVERNMENT FUNDING

The legislation to approve USMCA had strong bipartisan support passing the

major changes: providing an adjustment to

House 385-41 and the Senate 89-10. While

the status of existing workers, expanding

a majority of Northeast Representatives

1st without Congress completing any

the current H-2A seasonal agricultural

and Senators supported the agreement, the

of the 12 appropriations bills that fund

worker visa program so it can be used by

support was not as strong as for the Farm

the federal government. Two temporary

employers with year-round labor needs,

Workforce Modernization Act with 17 out of

spending bills were needed to bridge the

such as dairy farms, and phasing in the

57 Representatives who voted, and five out

gap until just before Christmas, when

mandatory use of the e-verify program to

of 14 Senators opposing the measure, many

the House and Senate both passed two

confirm the legal status of workers.

citing the fact that the agreement did not

Fiscal year 2020 started on October

separate funding bills—the President signed

10

U.S.-MEXICO-CANADA AGREEMENT (USMCA)

The bill now goes to the Senate, and

address climate change.

the bills December 20, 2019, to avert a

while the outlook for this year is uncertain,

government shutdown. The two bills fund

passing the House with strong bipartisan

agricultural groups as it promises to provide

the government through the remainder of

support was an important step forward for

increased access for several commodities

the fiscal year, September 30, 2020, a very

this legislation.

including providing additional access to

FINANCIAL PARTNER

USMCA was strongly supported by most

U.S. FARM EXPORTS TO CHINA $35 $30

$ Billions

$25 $20 $15 $10 $5 $0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

the Canadian dairy market and requiring

This agreement also includes a

LOOK AHEAD TO 2020

changes to its Class 6 and 7 milk pricing

commitment by China to make additional

regulations which have been a concern

purchases of U.S. goods and services,

much legislation gets completed in an

to the U.S. dairy industry. In general, the

including $80 billion of food and

election year. That doesn’t mean there

enactment of USMCA will help preserve

agricultural products over the next two

won’t be legislative activity, with members

the trade benefits under NAFTA which

years, as well as some structural changes

introducing bills and holding hearings as

would have been at risk if the U.S. had not

that amounted to non-tariff barriers that

members seek to highlight their priorities.

approved USMCA and pulled out of NAFTA.

prevented China from fulfilling previous

Although the impeachment proceedings

One Northeast member played a major

The conventional wisdom is that not

import commitments. In return, the U.S.

have been completed, the expectations

role in getting the agreement approved,

has agreed to modify its tariff actions in a

are low for completing major legislation

House Ways and Means Committee

significant way and drop its designation of

according to many Washington observers.

Chairman Richard Neal (MA-1). Chairman

China as a currency manipulator.

Neal led negotiations with U.S. Trade

Despite the progress contained in the

There may, however, be a push in the House of Representatives on an

Representative Lighthizer to make changes

Phase 1 agreement, some tariffs remain on

infrastructure initiative. Farm Credit East’s

to the agreement to satisfy concerns of

each side that are still to be resolved. The

national trade association, the Farm Credit

House Democrats.

U.S. first imposed tariffs on imports from

Council, is leading a broad coalition called

China based on its policies and practices

#RebuildRural advocating for including

related to technology transfer, intellectual

rural priorities in any package that gets

CHINA PHASE I TRADE AGREEMENT

property and innovation. The U.S. will be

moved forward, and hopefully there will

development is the signing of the China

Another recent trade policy

maintaining 25% tariffs on approximately

be movement in the Senate on the Farm

Phase 1 trade agreement on January 15,

$250 billion of Chinese imports, along with

Workforce Modernization Act. These will be

2020. As part of the agreement, China has

7.5% tariffs on approximately $120 billion of

two legislative initiatives that Farm Credit

agreed to work toward structural reforms

Chinese imports.

East will continue to track along with any

and other changes to its economic and

It may be difficult to achieve the stated

trade regime in the areas of intellectual

increases in agricultural product purchases

property, technology transfer, agriculture,

as they are significantly greater than the

financial services, and currency and foreign

historical level of purchases as shown in

exchange as well as instituting a dispute

the accompanying graph, nonetheless the

resolution system.

easing of trade tensions with China is a

other emerging issues in 2020.

positive development.

SPRING 2020

11

2020 Candidates for the Board of Directors On behalf of the nominating committee, Farm Credit East is pleased to present the 2020 candidates for the association’s board of directors.

There are three open director seats to be elected for four-year terms, and six qualified candidates seeking election to these seats.

• One from the Eastern Region

• One from the Central Region

• One from the Western Region

At the close of the current election cycle, the Farm Credit East board will consist of 16 directors: 13 elected directors, one appointed customer director and two appointed outside directors.

THE Board The Farm Credit East board sets a clear direction for the cooperative on behalf of all customer-owners. The board works closely with CEO Mike Reynolds to set policy, establish long-term business plans, evaluate business results and provide feedback to the management team. It does not make day-to-day management decisions, including actions on individual loans or matters relating to employees.

THE Nominating Committee The nominating committee is composed of 23 Farm Credit East members and 23 alternates. The association membership elects the nominating committee at the annual stockholders meeting. This committee works hard to identify qualified candidates to ensure that the association attracts a skilled and diverse board. In addition, the committee makes every effort to recommend two qualified candidates for each open seat.

ELECTION Process You’ll find the information you need to make an informed voting choice for the 2020 Farm Credit East board of directors, including: An annual meeting information statement, which voting members received in the mail This article’s profile of each candidate Information on our website at FarmCreditEast.com/DirectorElections Ballots will be mailed to voting members after the annual meeting on March 23, 2020.

EVERY Vote Counts!

This is your opportunity to express your voice in ownership and direction of the cooperative. By voting, you convey your continued commitment to Farm Credit East and thanks to fellow members who are seeking election to the board.

The following overview information is provided by each candidate.

12

FINANCIAL PARTNER

SEAT ONE

Nominated from the Eastern Region: Auburn, Bedford, Bridgeton, Dayville, Enfield, Flemington, Middleboro, Presque Isle and Riverhead offices.

Two candidates are running for a four-year term.

Business Experience: Co-owner and

challenge to grow and succeed. I feel being

cooperatively manages crop production,

elected to the board would provide an

marketing, and sales at Buck Farms since

opportunity to ensure that Farm Credit East

1998. Buck Farms is a 1,000-acre cash crop

continues to strive and succeed.

and potato farm founded in 1958. Barry is also co-owner of Maine Malthouse, LLC, founded in 2015, a provider of malting grains to local breweries and distilleries as well as adding value to other grains.

Why I am seeking election to the Board: I have been a borrower of Farm Credit for over 20 years and have had the opportunity to serve on both the Customer Service Council and the Nominating Committee. Through these

Leadership/Community experience: Member of the

opportunities, I have gotten a closer look

Presque Isle Customer Service Council

at the value that Farm Credit East provides

and former member of the Eastern Region

their customers. I look forward to having

Nominating Committee. Barry also serves

the ability to give back to an institution

as chair of the Mapleton town board and is

that has helped my operation through its

Buck Farms

a former president of the Central Aroostook

growing business needs over the years.

198 Grendell Road,

Young Farmers Association.

Mapleton, ME 04757

Why Farm Credit is critical to my business: Farm

Barry Allan Buck

BuckFarms.net

Credit East is our financial partner. Without this cooperative, it would be a much greater

Business Experience: CEO and Partner of Olson’s

Why Farm Credit is critical to my business: As a

Greenhouses Inc., a wholesale greenhouse

long-standing voting member of Farm Credit

grower and producer of horticultural

East, I have watched and benefitted from the

products with 60 employees year-round

expertise of an agriculturally focused financial

and 40 seasonally. Matt is responsible for

institution. My businesses have grown from

day-to-day operations and overseeing Olson’s

the strategic direction of company leadership

senior management. Matt also holds an MBA

through low interest rates, patronage

in finance from Northeastern University

dividends and a detailed knowledge and

and over the past three years has produced

understanding of my businesses.

an award-winning agricultural educational

Matthew J. Piscitelli Olson’s Greenhouses, Inc. 590 South Street East Raynham, MA 02767 OlsonsGreenhouses.com

documentary on daffodils.

Why I am seeking election to the Board: For 15 years,

Leadership/Community experience: Middleboro

done business with Farm Credit East, while

Customer Service Council member and

also representing the Middleboro branch on

former member of the Eastern Region

the Nominating Committee. I want to take

Nominating Committee. Matt is currently

my commitment to the association to a place

a director of the Massachusetts Flower

where I can positively impact the direction

Growers Association and a Vice President

and focus of our organization. It would be

and board member of Marathon Daffodils, Inc.

an honor to serve as an elected director and

I have been an agricultural producer that has

something I would like to dedicate my time and efforts towards.

SPRING 2020

13

SEAT TWO

Nominated from the Central Region: Burrville, Claverack, Cooperstown, Greenwich, Middletown and Potsdam offices. Two candidates are running for a four-year term.

Business Experience: Founder and President

Why Farm Credit is critical to my business: Farm

of Sunset Meadow Farm, LLC, a 155-acre

Credit East provides financial and support

farm including 40 acres of vineyard and a

services specific to agriculture that are

farm winery. George handles administrative

vital to the operation of our business.

duties, winemaking and several vineyard

Access to capital, tax, accounting and other

functions.

financial services are critical, especially for

Leadership/Community experience: Serves on the

George Motel

board of directors and executive committee

Why I am seeking election to the Board: Farm Credit

for IGA USA, immediate past president

East has been very helpful in my company’s

of the Connecticut Vineyard and Winery

growth. It is important to me that Farm

Association, appointed member of the

Credit East continues to be there for the

Connecticut Farm Wine Development

next generation, and I am at a point in my

Council and appointed member of the

life where I want to offer my experience

Goshen Agricultural council. George is

towards achieving that goal.

Sunset Meadow Farm, LLC

also a past chair of the Connecticut Food

599 Old Middle Street

Association and past vice chair of the Food

Goshen, CT 06756

small businesses.

Industry Alliance of NY.

SunsetMeadowVineyards.com

Business Experience: General and Financial

Why Farm Credit is critical to my business: Farm

Manager of Sheland Farms LLC, handling

Credit East is essential for Northeast

bookkeeping, business management and

agriculture to stay vibrant and competitive.

business leadership. Doug runs the 1,800-acre

The cooperative’s reliable credit and

family dairy operation milking 980 cows

services and its strong voice to support

alongside his brother, Todd and two sons,

agriculture in state and national

Devon and Erik.

governments is critical to my business and

Leadership/Community experience: Current Farm

Douglas W. Shelmidine Sheland Farms, LLC 12043 County Route 79 Adams, NY 13605

14

FINANCIAL PARTNER

all agriculture and rural communities.

Credit East Director, serving on the Audit

Why I am seeking reelection to the Board: Farm Credit

Committee. Doug has also served on

East is an essential part of the future of

the NY Farm Bureau board of directors,

Northeast agriculture, providing stability and

chair of the Jefferson County Agricultural

opportunity through its lending and services.

Farmland Protection Board and chair of the

I have the skills, knowledge, experiences,

Jefferson County Agricultural Development

time and commitment to contribute to the

Corporation. He served 10 years on the

cooperative and its members.

USDA-NRCS Agricultural Air Quality Taskforce and is a graduate of LEAD NY Class III.

SEAT THREE

Nominated from the Western Region: Batavia, Cortland, Geneva, Hornell and Mayville offices. Two candidates are running for a four-year term.

Business Experience: Skip is the retiring senior

Why Farm Credit is critical to my business: In 2013,

partner of Walnut Ridge Dairy, LLC, along

my three partners signed a note buying a

with Steve Palladino, John Fleming and

portion of my ownership in the business,

Keith Chapin. The farm milks 1,600 cows

and soon thereafter we built a rotary

and operates 2,200 acres. Skip assists in

milking parlor. These two actions combined

strategic planning, machinery operation

with the downturn of the dairy economy

and general farm maintenance.

over the past few years put our farm under

Leadership/Community experience: Current Farm Credit East Director, serving on the Governance Committee and former member of the Cortland Customer Service

financial stress. However, Farm Credit East has remained an extremely strong lender.

Their willingness to work with us has made it easier to manage through difficult years.

Council. Skip currently serves on the

Why I am seeking reelection to the Board: I am

US Dairy Export Council, the American

seeking reelection to help with the

Dairy Association board and the Dairy

transition of our new Farm Credit East

Walnut Ridge Dairy

Management Inc. board. In the past, Skip

CEO, to further enhance the profitability of

100 Brown Hill Road

has also served on the NYS Dairy Promotion

Northeast farming, fisheries and forestry,

Advisory board, and the boards of Dairylea

and to communicate the importance of the

and Dairy Farmers of America.

US dairy industry to the Farm Credit System.

Business Experience: Partner at Kreher’s Poultry

powerful bridge enabling farms to access

Farms and related entities, producing

credit markets by aggregating a large

conventional and organic eggs across

group of farmers in a cooperative so we

three farms totaling approximately two

can organize and operate our own credit

million hens.

institution and afford exemplary staff to run

David “Skip” Hardie

Lansing, NY 14882

Leadership/Community experience: Batavia Customer Service Council and former

it. The capital provided by Farm Credit East has allowed our operation to grow to the fourth generation.

member of the Western Region Nominating

Brett D. Kreher Kreher’s Farm Fresh Eggs, LLC 5411 Davison Road

Committee. Brett is chair of the Erie County

Why I am seeking election to the Board: I have

Ag and Farmland Protection board and

valuable experience and time to commit

serves on the Town of Clarence Municipal

to Farm Credit East. I have worked at

Agricultural and Farmland Protection Plan

our farm for over 30 years, giving me

Committee. Previously, Brett served as

substantial experience in large-scale

president of the Erie County Farm Bureau.

production agriculture, both conventional

Why Farm Credit is critical to my business: Farm Credit East understands the unique

Clarence, NY 14031

financing needs of modern farms in times

KreherEggs.com

of growth and in challenging times.

and organic. I am eager for the challenge of being a valuable board contributor and to grow professionally.

Farms need access to capital for numerous reasons, and Farm Credit East acts as a SPRING 2020

15

FINANCIAL PARTNER is for the customers, employees and friends of Farm Credit East. Farm Credit East is a customerowned lending cooperative serving the farm, commercial fishing and forest products businesses in Maine, New Hampshire, Massachusetts, Connecticut, Rhode Island, New York and New Jersey. Part of the national Farm Credit System, Farm Credit East is a full-service lender dedicated to the growth and prosperity of agriculture.

Farm Credit East 240 South Road Enfield, CT 06082-4451

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Address Service Requested

HOW TO REACH US: Whether you want to praise us, complain, ask our advice or just let us know what’s on your mind, we’d like to hear from you.

WRITE: K ristie Matuszewski, Editor, Farm Credit East, 240 South Road, Enfield, CT 06082-4451 CALL: 860.741.4380 E-MAIL: kristie.matuszewski@farmcrediteast.com ©2020 by Farm Credit East, ACA. All rights reserved.

Farm Credit East is an affirmative action, equal opportunity employer.

FINANCIAL PARTNER is printed on recycled paper.

2020

SCHOLARSHIPS

DON’T DELAY. APPLY TODAY. Farm Credit East awards $1,500 scholarships each year to qualified students who are committed to a career in agriculture, commercial fishing or the forest products industry.

We make our decisions based on your essay, experience, course of study and extracurricular activities.

As part of this program Farm Credit East supports diversity scholarships.

ELIGIBILITY

APPLICATION

• Students must have a permanent address within Farm Credit East’s territory.

• Students must be pursuing post high school education (full-time) in fall 2020 leading to a career in agriculture, commercial fishing or the forest products industry.

• Individuals demonstrating through their career plans, experience, program of study and extracurricular activities, significant progress toward and a clear intention for a career in agriculture, forestry or commercial fishing.

Visit FarmCreditEast.com/Scholarship for more details and an application. Individuals that have previously received a scholarship from Farm Credit East or predecessor organizations are ineligible to receive a scholarship under this program.

Disclosure of ethnic origin is purely voluntary and only required to be considered for a diversity scholarship.

Only applications submitted online will be accepted.

DEADLINE Submit your complete application electronically on FarmCreditEast.com by April 2, 2020.