Dl4—Lancaster Farming, Saturday, April 5,1980
Farm Credit’s Land Bank raises interest, adds fee
LANCASTER - The
Farm Credit Bank of
Baltimore has announced its
intentions of increasing
interest on outstanding
loans.
In addition, the Bank will
charge a six percent closing
fee on all new money loaned,
effective with applications
taken after April 1,1980.
“In accordance with the
terms of the variable rate
loan contract executed,”
Farm Credit President Gene
L. Swackhamer said, “the
interest rate charged on
such loans will increase to 12
Poultry fund raises
LANCASTER Two tickets
weeks before the big April 10
event, the Pennsylvania The Banquet represents 70
Poultry Federation had percent of the Federation’s
surpassed its goal of 1600 budget.
New Holland Baby
Beef Club plays
guessing game
NEW HOLLAND - The evening was Robert Gregory
New Holland 4-H Baby Beef rom Pennfield. He had a
Club met recently at New guessing game of the
Holland Division. ingredients in feed.
Each member gave a , T „ * * me *
report on their steer’s Next meeting is April 25 at
oroeress Terre HIU Sll ° Company.
Guest ' speaker for the Reported by Stephanie Yost.
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1980.”
Several reasons were
listed for the increased
charge.
Swackhamer pointed out
that interest rates are rising
dramatically m all financial
markets.
Credit restraints and a
tightening monetary policy
are intended to increase
interest rates, discourage
borrowing, and contribute to
the slowing of inflation, he
said.
The impact on the Federal
I ?nd Bank of Baltimore is to
increase sharply the cost of
funds, he said.
The Bank must maintain
its reserves and net worth
position to carry on the
business of providing credit
to members, he continued.
“In keeping with this
objective, we find it
necessary to increase the
interest rate on variable
loans,” he said.
Swackhamer said it is the
desire of the Bank to
establish an interest rate for
existing borrowers adequate
to cover refinancing costs of
maturing nonds and to
already above goal
By the end of March, the
Federation had moved 1605
tickets. This year’s increase
represents a continuous
increase in ticket sales every
year since 1973.
But, PPF pointed out, this
is the first year since the
banquet began that sales had
to be made during a period
when the entire industry
including broilers, eggs, and
turkeys, is suffering serious
financial difficulty.
“It’s the greatest vote of
confidence our organization
has ever received and
represents a growing
awareness for the need for
associations in this complex
business and political
climate,” said PPF
Executive Director John
Hoffman.
There has been a change m
the entertainment for the
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assure that all new loans
reflect the current cost of
funds.
To accomplish the latter,
the Bank is charging its six
percent loan closing fee on
all new money loaned, ef
fective with applications
taken on or after April 1.
Swackhamer said
operating costs will be
shared proportionately by
all borrowers.
He also said the Bank can
not assure borrowers there
will be more favorable
trends. But, he added, Farm
annual fund raising banquet,
Hoffman reported
Scheduled comedian Jim
Teter has accepted an
engagement with singer
John Davidson m Las Vegas
during the week of the
banquet and will be replaced
by comic Charley Doman.
Dornan is a stand-up
comic with songs and
mimicry and an audience
participation closing.
Also appearing will be
Danny Davis and the
Nashville Brass
The Federation also an
nounced its 1980 Poultry
Conference and Annual
Banquet is scheduled for
June 26 at the Host Corral in
Lancaster.
The all-day conference,
featuring separate broiler,
egg, and turkey conferences,
will convene at 9:30 a.m.
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Credit Banks of Baltimore borrower^vanabtrS
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