Nancy Pellett, former board chairman and chief executive officer of the Farm Credit Administration (FCA), was inducted into the Farm Credit Bank of Texas Academy of Honor on April 7 at the bank’s annual meeting. The Farm Credit Academy of Honor recognizes individuals for their significant contributions and outstanding service in the field of agriculture or rural financing.
The award establishes a $10,000 scholarship, which will be presented in Pellett’s name to a student attending a university of her choice.
The longest serving FCA director, Pellett was appointed to the board by President George W. Bush in 2002. She was board chairman from May 2004 until 2008, and continued to serve as a board member until 2010.
The Farm Credit Council Board of Directors recently elected Jon “Mike” Garnett of Spearman, Texas, as its new chairman. Garnett has served on the national council’s board since 2003, and has been a Farm Credit Bank of Texas director since 1999.
The Farm Credit Council was established in 1983 by the leadership of the Farm Credit System to advocate for Farm Credit institutions before Congress and federal regulatory agencies. Each of the System’s five district councils elects directors to serve on the national Farm Credit Council board, ensuring that the views of all System institutions are reflected in the policy positions adopted and advocated by the council.
Great Plains Ag Credit Wins Phelps-Martin Award
A Farm Credit association from the Texas Farm Credit District received the national Farm Credit Council’s 2011 Phelps-Martin Award for service to the non-agricultural community. Great Plains Ag Credit was recognized for its involvement with Project HeartSafe, which provides businesses, organizations and individuals with a low-cost option for purchasing portable automated external defibrillators (AEDs).
The annual award was established in memory of Marsha Martin, former Farm Credit Administration board chairman and former senior vice president of the Farm Credit Bank of Texas, and Steve Phelps, Farm Credit Council general counsel. Both died of cancer in 2000 and were noted for their commitment to service to agriculture and rural communities. The award was presented during the council’s annual meeting in January.
Great Plains Ag Credit is the third Texas District association to win a Phelps-Martin Award. Southern AgCredit won in 2007 for its efforts to help borrowers in the Gulf region recover from Hurricane Katrina, and AgriLand Farm Credit received the honor in 2003 for its work to help strengthen the economy and the beef industry of East Texas.
Farm Credit Bank Ranks in Top 100 Places to Work
Farm Credit Bank of Texas has been named among the 100 Best Companies to Work for in Texas. The bank ranked No. 34 in the medium-size category, which was defined as companies with 100 to 499 employees. The bank currently has 195 employees.
The Top 100 list, which is a project of the Texas Association of Business, the Texas State Council of the Society for Human Resource Management and the Best Companies Group, was published in the February 2011 issue of Texas Monthly magazine. This was the first year that the bank participated in the competition.
Farm Credit Retail Bonds Available to Individuals
The Federal Farm Credit Banks Funding Corporation launched a new program in May that offers Farm Credit Retail Bonds to individual investors for the first time ever.
Farm Credit Retail Bonds are a type of consolidated Systemwide bond issued by Farm Credit System banks in denominations of $1,000 for fixed-rate bonds and $100,000 for floating-rate bonds. The unsecured bonds have maturities ranging from one year to 30 years, with most having maturities of at least five years.
The Funding Corporation is serving as the System banks’ issuing agent, while Incapital LLC is the purchasing agent and lead dealer for Farm Credit Retail Bonds. Initially, the bonds will be distributed through approximately 27 additional dealers.
Unlike commercial banks that have access to deposits, the nation’s Farm Credit Banks generate funds by issuing highly rated Systemwide debt securities, such as bonds and discount notes with various yields, maturities and structures, through the Funding Corporation. Historically, investors in Systemwide debt securities have been large institutional investors.
This new retail bond program is an addition to the Funding Corporation’s existing funding programs.
Farm Credit Retail Bonds are not insured by the FDIC or any other U.S. agency.
For more information, visit the Funding Corporation at www.farmcredit-ffcb.com.