By Bert Ely The FCS did it again — it lowered its corporate income tax bill for 2016 as its pre-tax profits reached a record $5.02 billion. Its combined federal and state income tax liability dropped from $221 million in 2014 to $197 million in 2015 and to $175 million in 2016. Its effective tax
Author Bert Ely
On March 29, the House Agriculture Committee held a hearing on the FCS.
On February 28, the Agricultural Appropriation Subcommittee of the House Appropriations Committee held an oversight hearing on the Farm Credit Administration (FCA), the first such hearing the subcommittee had held in 19 years.
On February 1, Dallas Tonsager, the new chairman and CEO of the Farm Credit Administration (FCA), gave his maiden speech as FCA chairman at the Farm Credit Council’s annual meeting. The Council is the trade association for the FCS’s banks and associations. Tonsager sent a powerful message to the FCS that can be characterized by
By Bert Ely As last month’s FCW reported, on December 1, the ABA sent a letter to Farm Credit Administration (FCA) chairman Dallas Tonsager registering ABA’s strong objection to CoBank’s participation in a $1.55 billion credit facility that had been extended to CyrusOne LP, the operating partnership of CyrusOne, Inc., a NASDAQ-listed Real Estate Investment
In this month’s Farm Credit Watch, Bert Ely highlights the continued abuses of Farm Credit lender CoBank, which has recently made several large loans to borrowers that are not connected to agriculture.
The Farm Credit System’s “on-farm” lending totals continued a steady decline through the end of last year, dropping from 72.3 percent of total FCS lending in 2011 to 66.6 percent in 2015.
Farm Credit System institutions dominate the ranking of the nation’s largest ag lenders, as of June 30, 2016.
As the June Farm Credit Watch first reported, three large, midwest FCS associations are moving forward with their planned merger; regulatory approval by the Farm Credit Administration is almost certain. They are AgStar, serving eastern and southern Minnesota and northwest Wisconsin; Badgerland Financial, which serves southern Wisconsin; and 1st Farm Credit Services, which serves northern