Banks

[victoire]

Have just been through some interesting times with financial institutions. Actually, the one we have been at for close to 40 years. They seemed to just want us gone. Fortunately we were able to arrange new financing with FCC, which I am happy to say actually understand and are empathic to agriculture. So everything moved from Scotiabank, loans, kid's accounts and credit cards. Would like to think this has some significance but not likely. Victoire.

[smcgrath76]

FCC has been pretty ag friendly. We
just switched everything and are VERY
HAPPY (as happy as you can be when you
owe a bunch of money).
I see in the Seducer a couple of weeks
ago the banks are after FCC, but they
still don't seem to want to provide the
support and flexibility for ag that they
will for other capital intensive
businesses.
Ag has to be fairly low risk as the
equity if pretty deep and most smaller
producers will work at whatever it takes
to make the payments.

[kato]

We switched a long time ago, and have never regretted it.

[cowcalf1]

in the midst of it ourselves, our local credit union seems to want nothing to do with young people or livestock. FCC gives a much different impression!

[vagabonddreamer]

do you mind me asking how the rates are in comparison to the CU's?? thx..vs

[smcgrath76]

they are competitive. Not as low as some
of the beginning farmer type products with
AFSC (Prime - 1.5) but a lot more flexible
- interest only, readvancement of funds,
etc.

[skip]

We refinanced with FCC - they seem to want to support agriculture. Other banks are still licking their wounds on screw banking practices that caused the financial mess.

[may-be]

Think i am going to check out FCC this winter. My grain farm was and is in pretty good shape. Land loans way down, some loans at the end and could pay cash for putting in most of my crop. So thinking the time was right to make a couple of upgrades i went to see my banker. He wanted me to use some of my land for collateral for the reason I was high risk??? Changed his mind pretty fast after telling him the reasons why I thought he was incompetent and he could see I was going to move on. This rekindald a bad taste in my mouth from years ago when I had two bad years back to back when prices were poor. I was told maybe I should quit farming and goe to work. I only needed a normal year to be back in the black. That is why this post was interesting to me.