First Pioneer Farm Credit reports strong growth for 2007

The largest lender to agriculture in the Northeast, First Pioneer Farm Credit, grew its loan portfolio by 9.5 percent in 2007 to a total of $2.6 billion.

According to President and Chief Executive Officer Bill Lipinski, “First Pioneer’s ability to consistently grow our loan portfolio has been based on our commitment to support Northeast agriculture.  We provide farmers with the capital and financial services they need to operate their businesses profitability during challenging economic cycles.”

First Pioneer’s agricultural portfolio is diverse, with the dairy industry comprising its largest segment at nearly 20 percent.  Other major lending sectors include greenhouse, nursery, fruit, field crops, timber, and livestock.  In addition to a significant growth in lending, First Pioneer’s financial services revenue grew by 15 percent in 2007.

“Farmers, forest products businesses, and commercial fishermen are responsible for hundreds of thousands of jobs throughout the Northeast,” Lipinski added.  “Agriculture is a major sector of the economy and the economic backbone of hundreds of rural communities.  First Pioneer’s credit and financial services help farmers, forest product operators, and commercial fishermen position their businesses for long-term success.  Our organization is committed to helping our customer-members remain competitive.”