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-
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our mentors.”
He told those at the banquet
meeting, “You have to look for
ways to celebrate family ways
to strengthen family. There are
moments of celebration there if we
would just look you have to
have the eyes to see.”
Also at the banquet, directors
were elected. The candidates
included, for region 1, Wilmcr L.
Hosteller, Oxford and Thomas M.
Trycield, Mechanicsville. Region
two nominees included James M.
Garber, Mount Joy and Kenneth H.
Sellers, Lebanon. Region 3
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