A2O-Lancaster Farming, Saturday, December 29, 1990
After lunch, a tour of the Kreider farms. Left to right, John
Moose, Don Cooper, Bobbie McElhinny, and Marian and
Noah Kreider Jr.
Bank Chairman
EVERETT NEWSWANGER
Managing Editor
MANHEIM (Lancaster Co.) —“I think the health of the
agricultural community here has probably almost never been
belter,” said Wilson McElhinny, chairman and president of
Hamilton Bank.
McElhinny will retire at the end of the year and the bank’s
agri-finance department honored him and his wife Bobbie
McElhinny last week at a luncheon at Krcidcrs restaurant.
“The agricultural customers we have at Hamilton, almost
without exception, are having a bountiful year,” McElhinny
said. “Yes, there are exceptions, but over all prices and profits
have been good. This has given the ag community a chance to
rebuild their capital after some lousy egg prices just a year
ago.”
McElhinny said he expected the local area to have a softer
economy going into the new year, but said everything is
relative.
“I think within Pennsylvania and in the Lancaster, Berks,
Lebanon, Harrisburg and York areas that Hamilton covers,
almost without exception, business is soft, but not down and
out,” McElhinny said. “This is a diverse area with a strong
work force. A number of companies are exporting and I am
told by them directly that they find this business strong
strong because of the decline in the value of the dollar and
strong because ol the demand for their products.”
McElhinny said that to characterize the general news
reports on the economy as a little more negative than he sees
it, was a good way to express his view.
Not all areas of the country now have recession. According
to McElhinny, New England is in a severe recession while the
Middle West is robust. The Pacific Northwest seems strong
while California, lhat means so much to the total US eco
nomy, seems to be gelling a little soft. Texas and the South
west, after the terrible ’Bo’s, seems to be doing well.
Real estate prices all over the country have dropped from 5
to 10 percent locally to up to 20 percent in other areas. But
McElhinny said these prices had probably gotten out of hand
and the downward correction was likely inevitable.
The Corestates economist now acknowledges lhat we arc
in a recession that will last 6 to 9 months.
“I dunk it will hist a little longer,” McElhinny said. “But I
don’t think it will l»c a severe recession. We arc comming out
of a decade of tremendous excesses, particularly debt loads.
This hasn’t been true in our part of the country because we
haven’t had the hi£ hly leveraged transactions. But 1 think we
will look back on the ’Bo’s when we replaced equity with debt
and will sec this proved to be an error.
“I would think in the ’9o’s we will pull in our equity values
with less leverage in the whole economy and get back to bas
ics. I think that will be good for everyone,” McElhinny said.
Darwin Boyd, head of the agri-finance department, said
the presentation to McElhinny was “with sincerest apprecia
tion for your leadership and support in helping Hamilton
Bank become a leader in agri-finance.”
Boyd said the presentation was “a very sentemental experi
ence for me becau >e McElhinny and Don Cooper, the chair
man and president elect, are the two men who hired me.
Because of their vision that agriculture was a very significant
part of our economy is the reason Hamilton Bank’s agri-
ROPE IN
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CASH! / Y
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Lancaster Farming v/
Says Ag Health Probably Never Better
finance department went from a one-man department 15 After lunch, Mrs. McElhinny, Cooper, and John Moose,
years ago to five full time loan officers and three admistrative loan officer, toured Kreider dairy farms with Noah and Mrs.
assistants today.”
Mrs. McElhinny received a bouquet of 28 roses, one for
each year her husband was with the bank.
f
\
Wilson and Mrs. (Bobbie) McElhinny (center) were honored at a luncheon at Kreid
er’s restaurant last week, by the Hamilton Bank AgrhFinance Department. McElhinny,
bank chairman and president will retire at the end of the year. Don Cooper, left, is
chairman and president elect, and Darwin Boyd, department head, made the
presentations.
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