The drought has been severe, yet as the number one provider of credit to farmers and ranchers, the banking industry is an active partner in helping producers navigate through this agricultural cycle.
The American Bankers Association (ABA), which has had a standing committee of agricultural bankers for a century, recognizes the importance of agriculture to both rural communities and the national economy. With over $134 billion loaned to farmers and ranchers and a long history working through boom and bust cycles, the industry remains committed to the nation’s agricultural producers.
This week the Northern Ag Network's Russell Nemetz spoke with Governor Frank Keating, President and CEO of the American Bankers Association about the ABA's visits with members of Congress about drought and it's impact on farmers and ranchers nationwide.
The former Oklahoma governor also talked about the drought's impact on farmland values.
He says consumers will also feel the repercussions of this year's drought.
Despite the severity of this year’s drought, farmers and ranchers are well-positioned for the impact of this agricultural cycle. Strong performance over the past several years has provided a steady foundation for farmers who have partnered with their banker to ensure they are making wise financial decisions.
Source: News Generation
Posted by Northern Ag Network