Farm Credit East’s Board of Directors approved a reduction in the financial cooperative’s base variable interest rate pricing by one quarter of one percent (.25%). This interest rate reduction applies to all Farm Credit East variable interest rate loan customers and will go into effect on October 1.
Farm Credit East’s Board of Directors recently approved the distribution of a mid-year patronage dividend of $25 million to more than 11,400 farm, fishing and forestry business owners and operators across Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York and Rhode Island.
After serving as Chief Executive Officer for 25 years, Farm Credit East CEO Bill Lipinski recently announced his retirement from this position at the end of this year. At its planning session held earlier this week, the organization’s Board of Directors named Michael Reynolds, Chief Business Officer, to become the financial cooperative’s CEO, effective January 1, 2020.
Farm Credit East has awarded four scholarships to students involved in the National FFA Organization (Future Farmers of America) as part of a new scholarship the financial cooperative began offering last fall.