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| NEWS | |
| 2010 Press Releases | Contact: Linda Strickland |
| September 16, 2010 - AGCAROLINA FINANCIAL HOSTS OFFICE GRAND OPENING |
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More than 100 members, government and business leaders took part in ribbon cutting ceremonies on Wednesday, September 15 for the new Ahoskie branch office of AgCarolina Financial. The new 3,200 sq. foot branch office is located at 408 NC 561 W in Ahoskie. Joining in the celebration were local, county, and Chamber of Commerce officials, customers, and other special guests. The cooperative farm lender held the event in conjunction with their Customer Appreciation Day. The office moved from its former Ahoskie location in late August into the new facility. The Ahoskie staff includes Cliff Rose and Sara Bennett, Financial Services Officers and Wendy Sumner, Customer Service Representative. Stuart Pierce, Hertford County farmer and member of AgCarolina’s Board of Directors says, “We feel this new and improved office represents AgCarolina’s continued commitment to serving the farmers and agribusinesses in eastern North Carolina.” “AgCarolina feels fortunate to have such a strong presence in a community that has such a strong tie to agriculture, he added. AgCarolina Financial is a farmer-owned financial cooperative with headquarters in Raleigh. The leading provider of credit to farmer-members, AgCarolina Financial has over $1.2 billion in loans and commitments outstanding to nearly 3,000 members serviced by 12 branch offices in 34 eastern counties in the state.
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| September 13, 2010 - AGCAROLINA FINANCIAL DROPS LOAN RATES |
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AgCarolina Financial customers are getting welcome relief from this tough economy--reduced interest rates on their existing fixed rate loans. With interest rates at a historic low, loan modifications are on the rise at AgCarolina Financial. Loan officers with the rural and agricultural cooperative are calling its customers and offering to reduce their rate. “A lot of our customers have no idea that we’ve always modified current fixed rate loans when interest rates drop,” says Eldridge Westbrook, a Johnston County farmer and AgCarolina Financial’s board chairman. AgCarolina Financial has a policy of alerting borrowers to fixed-rate reduction opportunities. This year has been busier than usual for loan rate modifications since rates have continued to drop. “We reduced the rate on every customer that qualified or wanted a rate reduction,” says Westbrook. The process is much simpler than refinancing, and once the paperwork is signed, the loan is adjusted to reflect the new interest rate. “We are committed to providing competitive financing to meet our members’ needs. I don’t know of any banks outside the Farm Credit System that offer this service,” says Westbrook. AgCarolina Financial's unique cooperative structure allows it to offer loan modifications and return profits from lending activity to its member-owners, which further reduces the cost of borrowing. Since 2008, AgCarolina Financial has reduced the interest rate on nearly 4,000 loans totaling $578 million and saved its customers $4.6 million in interest costs annually. “These loan modifications are another way we strive to facilitate financial stability and security for our members. Through this service, we can take several years off the life of a loan, and, in these lean times, borrowers really appreciate that,” Westbrook adds. AgCarolina Financial is a farmer-owned financial cooperative with headquarters in Raleigh. The leading provider of credit to farmer-members, AgCarolina Financial has over $1.2 billion in loans and commitments outstanding to nearly 3,000 members serviced by 12 branch offices in 34 eastern counties in the state.
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| September 8, 2010 - AGCAROLINA FINANCIAL LAUNCHES NEW EQUIPMENT FINANCING PROGRAM |
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AgCarolina Financial now provides more options for farmers looking to purchase costly and necessary farm equipment or wanting to upgrade older equipment. AgCarolina Financial’s Special Equipment Financing Program, which began Aug. 1, offers no fees or closing costs, flexible repayment periods that coincide with farmers’ cash flow, and low rates. “Many farmers are used to taking the deal offered at the dealership, but it’s not always the best deal,” says AgCarolina Financial CEO Eugene Charville. Tightened credit requirements from commercial banks and other lenders can end up costing farmers more to run their operations. “Farmers will find higher rates in the marketplace and terms that don’t really fit their unique situation,” adds Charville. AgCarolina Financial’s cooperative structure reduces the cost of borrowing by returning a portion of the profits generated from lending activity to its members. Most recent rates through the Special Equipment Financing Program were 3.49 percent on a three-year loan and 3.99 percent on a five-year loan. The program applies to new or used vehicles or any type of equipment and allows farmers to prepay without penalty. Loan terms may be structured to match the lifetime of the equipment, and farmers can refinance existing equipment loans held with any lender under the program. Though normal credit and underwriting procedures apply, AgCarolina Financial can provide financing within 24 hours on most loans under $250,000. “We want our members to have the best financing available so they can negotiate a cash transaction when they walk into the dealership and get a great deal,” says Charville Paul Harris has been an AgCarolina Financial customer for 16 years and runs a cash crop farming operation in Warren County. Harris uses AgCarolina Financial for his financial business because “it’s hard to find a better deal than AgCarolina,” he says. “With their low rates, quick turnaround time and no hassle approach, other equipment dealers find it hard to beat.” AgCarolina Financial is a farmer-owned financial cooperative with headquarters in Raleigh. The leading provider of credit to farmer-members, AgCarolina Financial has over $1.2 billion in loans and commitments outstanding to nearly 3,000 members serviced by 12 branch offices in 34 eastern counties in the state. Paul Harris has agreed to be contacted for more information. You can contact him at 252-257-5780.
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| July 28, 2010 - AGCAROLINA FINANCIAL ACCEPTING GRANT APPLICATIONS |
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AgCarolina Financial is accepting grant applications through their corporate-giving program, The Fund for Rural North Carolina. Grants are available up to $5,000 per organization for programs that specifically benefit farmers and rural residents. Applicants may request funding in one of the four focus areas: Education, Environment, Technology, or the Quality of Rural Life. Grants will be considered for programs only in the thirty four county geographic area where AgCarolina conducts business. The grants will be group or organization based and will not be given to individuals. “Through our corporate-giving fund, we can impact a broad spectrum of organizations in our service area that support rural North Carolina,” states Gene Charville, Association CEO. “At the same time, the grant program reinforces the commitment that AgCarolina Financial has for enhancing the quality of life and future opportunities for Eastern North Carolina rural residents and their communities.” To learn more about the Fund for Rural North Carolina and to obtain guideline criteria, go to www.agcarolina.com/involvement.htm. Grant applications are available on-line and will be accepted through October 15. Proposals will be reviewed and grants awarded as early as possible after October 15. AgCarolina Financial is a farmer owned financial cooperative with headquarters in Raleigh. They are the leading provider of credit to farmers in central and eastern North Carolina. AgCarolina Financial has over $1.2 billion in loans and commitments outstanding to nearly 3000 North Carolina farmers. Loans are made to finance land, homes, farm buildings, operating expenses, livestock and equipment, as well as other purposes. Credit life insurance, crop insurance, appraisal services, and leasing are also available through AgCarolina Financial.
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| March 24, 2010 - AGCAROLINA FINANCIAL TO ISSUE $5.5 MILLION TO CUSTOMERS |
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In the next few weeks, customers of AgCarolina Financial will receive patronage refund checks for 2009, it was announced today by Gene Charville, President. The patronage refund for 2009 totaled $5.5 million and will be paid in cash to the cooperative’s member-borrowers. “As a cooperative, we can return the profits of AgCarolina Financial’s successful operations to its customers. This distribution reflects the association’s continued commitment to share its financial success with our loyal customers,” said Eldridge Westbrook, Chairman of the AgCarolina Financial Board. He continued, “The association’s financial strength and stability have enabled the association to issue patronage refunds for the past twenty-two years.” Since 1988, AgCarolina Financial has returned more than $161 million to its member-borrowers through patronage refunds and retirement of allocated surplus. “When we distribute our profits to our borrowers, it reduces their effective cost of borrowing,” Gene Charville stated. “The average annual interest rate discount that AgCarolina customers have received from patronage over the last 10 years is 1.00%.” “Cooperatives are a powerful model of equality and fairness in today’s economy,” said Charville, “and patronage refunds are an important example of that model.” About AgCarolina Learn more at www.agcarolina.com
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| March 23, 2010 - AGCAROLINA FINANCIAL NAMES NEW FINANCIAL SERVICES OFFICER |
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Daniel Howell has been named Financial Services Officer with AgCarolina Financial, Gene Charville, President of AgCarolina Financial announced today. Howell will assist with lending and other customer service activities with the Raleigh based farm lender at their Halifax office located at 419 S. King Street. Howell is a native of Halifax County, Prior to joining AgCarolina Financial, he was employed with Ameriprise Financial where he worked as a financial planner. He and his wife, Wendy, along with their two daughters, reside in Roanoke Rapids. AgCarolina Financial is a farmer owned financial cooperative with headquarters in Raleigh. They are the leading provider of credit to farmers in central and eastern North Carolina. AgCarolina Financial has over $1.2 billion in loans and commitments outstanding to nearly 3000 North Carolina farmers. Loans are made to finance land, homes, farm buildings, operating expenses, livestock and equipment, as well as other purposes. Credit life insurance, crop insurance, appraisal services, and leasing are also available through AgCarolina Financial. |
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Kim Reeves has been named Financial Services Officer with AgCarolina Financial, Gene Charville, President of AgCarolina Financial announced today. Reeves will assist with lending and other customer service activities with the Raleigh based farm lender at their Smithfield office located at 2850 US Hwy. 70 Business East. Kim is a native of Johnston County, She is a 2009 graduate of North Carolina State University receiving a BS Degree in Ag Business Management. She is the daughter of Bobby & Carol Reeves of Clayton, NC. AgCarolina Financial is a farmer owned financial cooperative with headquarters in Raleigh. They are the leading provider of credit to farmers in central and eastern North Carolina. AgCarolina Financial has over $1.2 billion in loans and commitments outstanding to nearly 3000 North Carolina farmers. Loans are made to finance land, homes, farm buildings, operating expenses, livestock and equipment, as well as other purposes. Credit life insurance, crop insurance, appraisal services, and leasing are also available through AgCarolina Financial. |
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John Bledsoe has been named Financial Services Officer with AgCarolina Financial, Gene Charville, President of AgCarolina Financial announced today. Bledsoe will assist with lending and other customer service activities with the Raleigh based farm lender at their La Grange office located at 7900 Highway 70 West. The Lenoir County native is a graduate of East Carolina University where he received a BS degree in Communications. He is the son of Dr. Randy and Steva Bledsoe of Elkin, NC. AgCarolina Financial is a farmer owned financial cooperative with headquarters in Raleigh. They are the leading provider of credit to farmers in central and eastern North Carolina. AgCarolina Financial has over $1.2 billion in loans and commitments outstanding to nearly 3000 North Carolina farmers. Loans are made to finance land, homes, farm buildings, operating expenses, livestock and equipment, as well as other purposes. Credit life insurance, crop insurance, appraisal services, and leasing are also available through AgCarolina Financial. |
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Carson Rose has joined AgCarolina Financial as an Appraiser, Gene Charville, President of AgCarolina Financial announced today. Carson will be working as a certified NC appraiser, working with the real estate appraisal functions of the cooperative. A native of Sampson County, he is the son of Mark and Luanne Rose of Newton Grove. He is a 2009 graduate of North Carolina State University receiving a BS degree in Ag Business Management and Ag and Environmental Technology. AgCarolina Financial is a farmer owned financial cooperative with headquarters in Raleigh. They are the leading provider of credit to farmers in central and eastern North Carolina. AgCarolina Financial has over $1.2 billion in loans and commitments outstanding to nearly 3000 North Carolina farmers. Loans are made to finance land, homes, farm buildings, operating expenses, livestock and equipment, as well as other purposes. Credit life insurance, crop insurance, appraisal services, and leasing are also available through AgCarolina Financial. |
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March 9, 2010 - SCHOLARSHIPS AVAILABLE FROM AGCAROLINA FINANCIAL More than $25,000 in scholarships will be awarded to students who will be attending or who are currently enrolled in a North Carolina college or university by AgCarolina Financial. The cooperative will present twenty-seven scholarships to the children or grandchildren of customers or employees of the cooperative.
Scholarship applications are available online at www.agcarolina.com. Select careers and then scholarships. AgCarolina Financial is a farmer owned financial cooperative with headquarters in Raleigh. They are the leading provider of credit to farmers in central and eastern North Carolina. AgCarolina Financial has over $1.2 billion in loans and commitments outstanding to nearly 3000 North Carolina farmers, agribusinesses, and rural landowners. Loans are made to finance land, homes, farm buildings, operating expenses, livestock and equipment, as well as other purposes. Credit life insurance, crop insurance, appraisal services, and leasing are also available through AgCarolina Financial.
February 8, 2010 - ELDRIDGE WESTBROOK ELECTED CHAIRMAN OF AGCAROLINA FINANCIAL Eldridge Westbrook has been elected Chairman of the Board of Directors of AgCarolina Financial, Gene Charville, President of the Raleigh based farm lender announced today. Westbrook is a farmer from Four Oaks, NC. Westbrook is one of 10 farmers serving on the Board of Directors of the Raleigh based lending cooperative. He is currently serving a three-year term. As Chairman, Westbrook will preside over board meetings and see that all orders and resolutions of the Board, and all policies and procedures are carried into effect. Westbrook was elected Chairman at the December board meeting. AgCarolina Financial is a farmer owned financial cooperative with headquarters in Raleigh. They are the leading provider of credit to farmers in central and eastern North Carolina. AgCarolina Financial has over $1.2 billion in loans and commitments outstanding to nearly 3000 North Carolina farmers. Loans are made to finance land, homes, farm buildings, operating expenses, livestock and equipment, as well as other purposes. Credit life insurance, crop insurance, appraisal services, and leasing are also available through AgCarolina Financial.
February 8, 2010 - DEREK POTTER ELECTED TO BOARD OF AGCAROLINA FINANCIAL Derek Potter, Pamlico County, NC has been elected to the Board of AgCarolina Financial. Potter farms 1700 acres consisting of corn, wheat, and soybeans. As a Board member of the Raleigh based agricultural lending cooperative, he joins nine other North Carolina farmers that serve on the Board of AgCarolina Financial. The Board of Directors is responsible for directing and monitoring performance of the business and establishing policy for the cooperative. “We are pleased to have Mr. Potter join the Board,” said Eldridge Westbrook, Chairman of the Board of Directors of AgCarolina Financial. “He will add a good perspective to our Board as we work to provide superior service to our stockholders and direct the financial activities of the Association,” Westbrook added. AgCarolina Financial is a farmer owned financial cooperative with headquarters in Raleigh. They are the leading provider of credit to farmers in central and eastern North Carolina. AgCarolina Financial has over $1.2 billion in loans and commitments outstanding to nearly 3000 North Carolina farmers. Loans are made to finance land, homes, farm buildings, operating expenses, livestock and equipment, as well as other purposes. Credit life insurance, crop insurance, appraisal services, and leasing are also available through AgCarolina Financial.
February 8, 2010 - JAMES E. HOWARD, JR. ELECTED TO BOARD OF AGCAROLINA FINANCIAL James E. Howard, Jr., Lenoir County, NC has been elected to the Board of AgCarolina Financial. Howard is a farmer who produces corn, cotton, soybeans, and wheat. In addition, he is a joint owner of Quality Farm Equipment, a farm equipment business and he is owner and operator of Down East Farms, Inc. As a Board member of the Raleigh based agricultural lending cooperative, he joins nine other North Carolina farmers that serve on the Board of AgCarolina Financial. The Board of Directors is responsible for directing and monitoring performance of the business and establishing policy for the cooperative. “Mr. Howard brings valuable industry expertise to the association,” said Eldridge Westbrook, Chairman of the Board of Directors of AgCarolina Financial. “He joins a board who is dedicated to working for the success of North Carolina farmers and rural North Carolina,” Westbrook added. AgCarolina Financial is a farmer owned financial cooperative with headquarters in Raleigh. They are the leading provider of credit to farmers in central and eastern North Carolina. AgCarolina Financial has over $1.2 billion in loans and commitments outstanding to nearly 3000 North Carolina farmers. Loans are made to finance land, homes, farm buildings, operating expenses, livestock and equipment, as well as other purposes. Credit life insurance, crop insurance, appraisal services, and leasing are also available through AgCarolina Financial.
January 21, 2010 - AGCAROLINA FINANCIAL AWARDS $22,100 TO EASTERN NORTH CAROLINA PROGRAMS AgCarolina Financial has awarded $22,100 in grants to ten organizations through their corporate-giving program, the Fund for Rural North Carolina. The grants will help the recipients carry out programs that specifically benefit farmers and rural residents in eastern North Carolina where the Association conducts business. Grants up to $3,000 per organization were awarded in one of the four focus areas of Education, Environment, Technology, or Quality of Rural Life to the following organizations:
Association CEO, Gene Charville states, “Our corporate giving program has been in place since 2005. Through this Fund, we have impacted a broad spectrum of organizations in our service area that support rural North Carolina.” About AgCarolina Learn more at www.agcarolina.com |
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