HARRISBURG, Pa. — The Pennsylvania Bankers Association’s Agricultural and Rural Issues Advisory Committee convened Jan. 9 at the Pennsylvania Farm Show.
Staff members John Blanchfield and Ed Elfmann attended the Agricultural and Rural Issues Committee meeting to discuss the Farm Bill, Farm Credit System expansion.
Committee Chairman Michael Firestine, senior vice president at Fulton Bank, said, “Pennsylvania banks recognize the significance of agriculture as the commonwealth’s No. 1 industry and are here to meet the credit needs of our farmers and agribusinesses.”
According to a Sept. 30 Federal Deposit Insurance Corporation report:
116 Pennsylvania banks have farm loans on their books, which total more than $2.10 billion loaned to the state’s farmers.
67 Pennsylvania banks have provided $321 million in farm protection loans for cattle, machinery, crops and other assets not secured by real estate.
115 Pennsylvania banks have loans that are secured by farm real estate totaling $1.78 billion.