Reading Eagle: Tim Leedy | Mike Firestine, senior vice president of Fulton Bank, said ag lending is an important source of revenue for a bank, because agriculture is the No. 1 industry in both the state and the nation.
Mike Firestine, senior vice president of Fulton Bank, said ag lending is an important source of revenue for a bank, because agriculture is the No. 1 industry in both the state and the nation.
"The farmer creates at least seven different jobs in the product line of production and distribution," Firestine
"What agriculture gives back to the U.S. economy is $7 billion in direct economic impact and $69 billion in indirect impact.
At the end of the day, what makes me happiest is to help out a young farmer getting started."
acknowledged that there are high risks associated with ag lending, he
said it is also low risk, because it is lending to an industry that has a good track record of credit.
said continued growth in ag lending is important for both banks and farms.
"Agriculture requires more capital than other industries," Firestine
"Just compare what a tractor or land costs compared to 10 years ago.
Plus there are more total confine units in agriculture."
As an example, Firestine
said that in the poultry industry there is a greater demand for broilers, which are necessary for the farmers to optimize their investments.
Fulton's large share of the market in ag lending comes from strong knowledge and dedication to the industry, according to officials at the bank.
"All our ag lenders at Fulton come from a farming background, and have a true interest in farming," Firestine