CEO Comments:
Two Sides to the Story A special note to customers…from outgoing CEO Dave Armstrong and incoming CEO Travis Jones! Parting comments from President and CEO Dave Armstrong:
its way over the next horizon.
As most of you know by now, I will be retiring from GreenStone on July 31 and would like to share some final thoughts and introduce you to GreenStone’s new CEO.
As of the end of June, GreenStone has over $2 billion of capital and allowance for loan losses to sustain it through troubled times; the portfolio has nearly an all-time low level of adversely classified assets of just 1.6% (this was as high as 50% in the 1980’s), strong earnings, growth, and a customer satisfaction score of 95% satisfied or very satisfied. Nearly every key performance indicator is at or near historical highs positioning it to return high levels of Patronage back to customers for the 17th year in a row!
First, time really does fly! I cannot believe where the last 41 years have gone. It seems the longer you live the faster it goes. Do your best to enjoy the ride (yes, even despite the myriad of challenges)! Also, do not take anything for granted, especially those who are close to you, good health (if you are blessed to have it), enough to eat, a roof over your head and, yes, even having a dependable, competitive, and responsible source of credit and financial services delivered by people who are professional, knowledgeable, and have a passion for the agricultural industry. For over 106 years the Farm Credit System (which GreenStone is a part of) has been there in good times and bad to provide the capital that fuels our nation’s agricultural industry. Without it, who would have provided the peace of mind farmers, ranchers, and other eligible borrowers have come to rely on (or maybe take for granted) for their operation’s credit needs year in and year out? As I end my career, I could not be more confident in the System or GreenStone’s ability and commitment to continue carrying out its mission over the next century. With abundant levels of capital and risk bearing capacity, dependable lowcost sources of funding, a laser like focus on its mission, and dedicated people who strive to adhere to our Core Four Values of Customer First, Do the Right Thing, Deliver Quality, and Get Involved, it is well positioned for whatever challenge may come
3
Summer 2022 — Partners
This kind of performance year in and year out is the result of a focused and dedicated team effort. I have been blessed to have worked with some of the best and brightest people I have ever known and have absolutely no doubts they will continue to perform at a high level well after I am gone, because long term, consistently high performance is well beyond any one person. GreenStone’s next CEO is one of those people; I have been blessed to have worked closely with him since 2007. He is passionate about the agricultural industry and GreenStone with nearly 15 years as its CFO, making him uniquely qualified to lead GreenStone in the decades to come. I could not be more pleased to be handing over the reins to someone of his character and professional abilities. He has been a close advisor to me and someone whose input I sought before making key decisions. His humble, down to earth, approachable style and professionalism have earned him the confidence and respect of our Board of Directors as well as our 600 team members. It is my honor and privilege to introduce you to a valued colleague and friend, Travis Jones, as GreenStone’s next CEO! Congratulations, Travis!