As winter quickly approaches, we begin to reflect on 2011 and work toward finalizing our business planning process for 2012.

2011 has brought many challenges to our customers as many continue to be affected by the slow recovery of our general economy. The local economy in our territory is generally intermingled with influences from the agriculture, industrial, retail and housing industries. The economic factor that has had the most impact on many of our customers has been the soft real estate market. As you know, for the majority of our customers, their most valuable asset is their farm or home. Additionally, many have invested in rural real estate in recent years. As income and cash flows have continued to be adversely affected by the slow economy, those who typically would liquidate real estate assets to strengthen their financial condition, have been unable to do so because of the soft market. As a result, we continue to work with many customers to help them through this difficult time. While we all would love to see signs of significant improvement in the overall economy, there are no such signs evident on the horizon. I recently heard the CEO of the Farm Credit System Funding Corporation speak and he indicated that from an economic recovery standpoint, we as a nation may still be in the 4th inning of a 9 inning game. If that is the case, we have several years of slow growth ahead. We pledge to continue to work hard to provide the needed products and services to help you work through these tough economic times.

On a sad note, our Carolina farm Credit family lost an extraordinary leader, strong supporter, and a true friend on October 2, 2011 when Director Bobby Joe Gambill passed away after a long and courageous battle with cancer. Bobby Joe loved people and was always willing to help others. He served our membership well as a director for over 15 years and his leadership and presence will be truly missed in our boardroom.

I am pleased to report that our Board has appointed Susie J. Gambill to fill the vacant seat on our Board created by her husband’s passing. In addition to her involvement in the family farming operation, Susie serves as the Clerk of Court in Alleghany County. She has a bachelor’s degree in Business and Education from Appalachian State University and is very involved in the local and agriculture community. Susie is a capable leader who will serve our membership well and we welcome her to the Board.

Hopefully, you had a chance to attend the customer appreciation event that was held during October in your local service center. It is always good to visit with our members and even better when we can hand deliver allocated surplus checks and “Put Our Profits In Your Pockets.” We look forward to visiting with you as we hold another round of customer appreciation events in the spring.

Labels: Dec 2011