Farm Credit Bank of Texas Welcomes New Board Members

The Farm Credit Bank of Texas (FCBT) Board of Directors welcomed two new members this year — John L. “Jack” Dailey of Extension, La., and Dorothy Nichols of Reston, Va. 

Dailey Represents Region 3

Dailey was elected by the bank’s stockholders, effective Jan. 1. Previously, he was vice chairman of the Louisiana Land Bank board. He is an owner and operator of Boeuf Prairie Farm, which produces cotton, corn, soybeans and beef cattle. In addition, he’s also manager and treasurer of Franklin Farmers Alliance,
a farmer-owned agricultural retail store.

Daily chairs the Louisiana Boll Weevil Eradication Commission. He also serves on the Louisiana Cotton and Grain Association’s executive committee and the Louisiana Department of Natural Resources’ water management task force.

Nichols Provides Systemwide Perspective

Nichols was appointed to the FCBT board on May 1. She is one of two board-appointed directors.

Nichols retired in 2018 from the Farm Credit System Insurance Corporation, where she was chief operating officer for 12 years and general counsel for the prior 11 years. Previously, she was chief operating officer at the Farm Credit Administration, the System’s regulator.

Earlier in her career, she was associate general counsel with the Federal Deposit Insurance Corporation, and a trial lawyer with the Federal Home Loan Bank and the Federal Savings and Loan Insurance Corporation.

Carolyn Owen Earns Bank’s Highest Honor

Carolyn Owen, retired Farm Credit Bank of Texas (FCBT) general counsel, received the bank’s highest honor this spring — induction into the FCBT Academy of Honor.

The honor establishes a $10,000 scholarship that will be presented in Owen’s name to a student attending a university of Owen’s choice.

Established in 1968, the Academy of Honor recognizes outstanding individuals for their service and contributions to agriculture and to Farm Credit. To date, 61 people have been inducted into this prestigious group.

Farm Credit Bank Returns 90 Percent of Earnings to Stockholders

Farm Credit Bank of Texas (FCBT) returned 90 percent of its 2018 net income to its affiliated lenders and other stockholders. In turn, all 14 lending cooperatives that own the bank paid patronage to their customers — farmers, ranchers, rural homeowners, agribusinesses and other borrowers.

Based on its $190.5 million in net income and its solid capital position in 2018, the bank declared a record $117.4 million in patronage. It distributed another $54.7 million in preferred stock dividends.

The bank’s loan volume totaled a record $18.1 billion at the end of 2018. Credit quality remained very strong.

“Farm Credit Bank of Texas finished 2018 in excellent financial health,” said Jimmy Dodson, FCBT board chairman. “We returned most of our earnings to our affiliated lenders. Plus, we also are investing in new technology for them and their borrowers.”

Texas Farm Credit Video Wins National Contest

A Texas Farm Credit video featuring customers Bill Slomchinski and his son Brett of Pleasanton placed first in Farm Credit’s 2018 video contest.

Texas Farm Credit was awarded $10,000 in prize money to donate to the charity or community organization of its choice.

Organized by the national Farm Credit Council, the contest invited Farm Credit co-ops across the country to submit customer videos demonstrating the Farm Credit difference — what sets Farm Credit apart from other lenders.

Southern AgCredit in Mississippi was a contest finalist, too. Three other associations from the Texas Farm Credit District also entered videos — Alabama Farm Credit, Capital Farm Credit and Plains Land Bank.

– Staff