Agriculture remains a key priority for Pa. banks
The Pennsylvania Bankers Association’s (PBA) Agricultural and Rural Issues Advisory Committee convened Jan. 8 at the Pennsylvania Farm Show.
Committee members, several of whom are experienced farmers, represent banks that are actively engaged in lending and provide other financial services to farming and agricultural businesses across the state. Agriculture is the No. 1 industry in Pennsylvania. Pennsylvania’s banking industry said it is pleased to support agriculture in the commonwealth by providing access to the funding and financial services needed to keep farms thriving. According to a Sept. 30, 2013 Federal Deposit Insurance Corporation (FDIC) report:
* 115 Pennsylvania banks have made loans to farmers and hold a total of $2.34 billion in farm loans, a 12 percent increase from 2012;
* 113 Pennsylvania banks have farm loans on their books, which total more than $2 billion loaned to the commonwealth’s farmers, a six percent increase from last year; and
* 69 Pennsylvania banks have provided $341 million in farm protection loans for cattle, machinery, crops and other assets not secured by real estate.