Keystone Farm Credit Reports On Financial Position ANDY ANDREWS Lancaster Farming Staff NEW HOLLAND (Lancaster Co.) “Keystone Farm Credit is in a very sound financial position,” announced Philip W. Kimmel, president and CEO of the farmer owned cooperative headquartered in Lancaster. On Wednesday night, Kimmel spoke to about 600 customers and guests of the financial institution at one of its two separate annual meeting sites conducted at Yoder’s Restaurant in New Holland. Another meeting was held Thurs day evening at the Holiday Inn and Conference Center in Fogelsville. Kimmel announced that, beginning next week, stockholders of Keystone Farm Credit will receive patronage refund checks for 1997. The patronage refund for borrowers of Key stone Farm Credit will total more than $4.5 million. Borrowers will receive, on average, 15.42 percent of the interest Farm Credit earned on their loans for 1997. Kimmel said that 30 percent, or approxi mately $1,368 million, of the refund will be paid in cash. The balance will be placed in allocated surplus in the names of individual member-borrowers. Kimmel indicated that it is the intent of Keystone’s board of directors to return the allocated surplus por tion of the 1997 patron age to the stockholders after five years. The money, meanwhile, will be used to maintain a sound financial position and to reduce costs of funds loaned to borrow ers of the institution, he noted. The patronage refunds are the result of the cooperative reacting to customer surveys and a way for the institution to “create more value in lending” to borrowers, according to the presi dent And while several Farm Credit associa tions have voted to merge (see story this issue), a decision to not participate in the merger was announced by Kimmel. In a release, it was noted that as of Dec. 31. 1997, Keystone Farm Credit had approximate ly S3SS million in loans outstanding to more than 3.429 members. At the banquet. Dr. Charles Petty of Family Success Unlimited in Raleigh, N.C. spoke about the importance of family life and values. Petty noted that too many of us are on a quest to “accumulate stuff and leave family relationships by the wayside. ‘Too many of us are dropping dead in airport parking lots chasing stuff,” be noted, to the detriment of family. “We rip and tear priceless rela tionships over nickels and dimes.” Petty, who handed in his doctor al dissertation on divorce and received his degree from South western Baptist Seminary, Fort Worth, Texas, has counciled many families on relationships in the past and draws from the wisdom he has learned in treating family problems. He said that he was reared in England, Aik., on a cotton, rice, soybean, pecan, and “catfish” farm. When he was nine years old, Petty’s mother died. When he was 16, his father and 13-year old brother were killed in a car acci- MAtiCj übrfcfnj for you lldtz • Centre Hall • Belleville • Shlppensburg • Martlnsburg H Construction 430 Springville Road, Ephrata, PA 17622 717-738-2142 1-800-874-7531 Northeastern Farm Credit, ACA Bloomsburg Branch BOO-278-3476 ® Loan Officers: Bob Jacobs, Jerry Davis , Readington Harms Inc. P.O. Box 164, Whitehouee, New Jersey 06888 Donald K Memgan TEL: (908) 534-2121 President FAX- (908) 534-5235 dent Ever since, he has learned the importance of family, growing up as a foster child. “There's nothing more impor tant to me than my family and I’m not going to lose them over nickels and dimes,” he said. Petty is married to Jamie and they have two sons, Anthony, 29 and Jeremy, 27. Anthony lives with wife Carolyn and Allison, 8 months old. Jeremv lives with wife Dawn. Farm people are “my heritage,” said Petty. "This is my people.” As family and marriage ethics instructor. 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Region two nominees included James M. Garber, Mount Joy and Kenneth H. Sellers, Lebanon. Region 3 (Turn to Pago AST) hr you
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