Attached files
| file | filename |
|---|---|
| 8-K - FEDERAL AGRICULTURAL MORTGAGE CORP | v210426_8k.htm |
Exhibit
99
|
Media
Contacts:
ABA
– John Hall
jhall@aba.com,
202-663-5473
Farmer
Mac – Christopher Bohanon
chris_bohanon@farmermac.com,
202-872-7700
|
FOR IMMEDIATE
RELEASE
February
8, 2011
|
ABA
SUBSIDIARY RENEWS ALLIANCE WITH FARMER MAC
WASHINGTON — Business Solutions, a
subsidiary of the American Bankers Association, has renewed its agreement with
the Federal Agricultural Mortgage Corp. (Farmer Mac, NYSE: AGM and AGM.A) to
provide ABA member banks with an outlet for the sales of real estate farm
loans.
ABA’s agreement with Farmer Mac, dating
back to 2005, enables ABA banks to manage the interest rate, credit, liquidity,
and capital risk of offering long-term, fixed-rate loan products to their farm
and ranch customers. The agreement also gives banks exclusive access to special
pricing for selected Farmer Mac products and a streamlined approval process for
becoming a Farmer Mac seller.
“We’re very pleased to renew our
agreement with Farmer Mac,” said Bill Kroll, president of Business Solutions.
“Our alliance with Farmer Mac not only provides our member banks with preferred
rates on long-term, fixed-rate ranch and farm loans, it also enables banks to
shift the credit and interest rate risk away from the banks, as well as
providing them with increased lending capacity and greater
liquidity.”
“The alliance has provided us an
excellent platform to demonstrate the benefits of our product offerings to
bankers across the country,” said Tom Stenson, executive vice president and
chief operating officer of Farmer Mac. “Bankers appreciate having
tools to help their farm and ranch customers manage risk. Locking in
a rate for an extended period, like our popular 15-year fixed rate option,
protects those customers in a rising rate environment and provides them the
stability they need to protect margins. It doesn’t take long for
farmers to figure out which lenders are doing all they can to offer them the
right tools. The banks that do will benefit over the long run from
the loyalty of grateful customers.”
The American Bankers Association
represents banks of all sizes and charters and is the voice for the nation’s $13
trillion banking industry and its two million employees. The majority of ABA’s
members are banks with less than $165 million in assets. Learn more at
aba.com.
Farmer Mac is a stockholder-owned
instrumentality of the United States chartered by Congress to establish a
secondary market for agricultural real estate and rural housing mortgage loans
and rural utilities loans and to facilitate capital markets funding for
USDA-guaranteed farm program and rural development loans. Learn more at
www.farmermac.com.
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