Arvest Bank to expand ag loan products
Arvest Bank has announced it is expanding its agriculture loan products through the Federal Agriculture Mortgage Corporation, commonly known as Farmer Mac. These products are some of the best tools a farmer/rancher has in order to mitigate risks that have plagued the industry for the past few decades.
The interest savings available through the Farmer Mac program allows farmers/ranchers to have more control over their financial futures. Locking in low, long-term rates can free up funds that can be used to counteract other business risks such as decrease in crop prices, drought expenses, decrease in demand and other unpredictable situations those in the agricultural industry face on a year-to-year basis.
"We're currently in a situation similar to the farming boom of the 1970s, which was followed by the farming crisis of the 1980s," said Whitney Harrison, Arvest community bank lender in Cassville said. "The best way a farmer or rancher can reduce their financial risk is to take advantage of the current low interest rates and lock them in for a longer period of time. The Farmer Mac program allows them to do so. We are thrilled to make this program available in the regions Arvest operates because we have so many customers who make their living in the agricultural industry."
Arvest Bank, ranked #26 in the American Bankers Association Top 100 Farm Lenders in the U.S. for 1Q 2014.