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Agfirst Farm Credit Bank

www.agfirst.com link_icon

Company Research Report: AgFirst Farm Credit Bank



Company Overview



  • Name: AgFirst Farm Credit Bank

  • Mission: Driven by cooperative roots and the Farm Credit mission, AgFirst supports rural communities and American agriculture, serving as a partner for growth.

  • Founded: 1916, initially as the Third District Federal Land Bank of Columbia.

  • Founder: No information is available.

  • Key People:

  • William T. Robinson, Board Chair

  • Jenny R. Black, Board Vice Chair

  • Other board members include Gary L. Baldosser, Jack W. Bentley Jr., Sherry E. Bowden, William K. Jackson, Dwain K. Lanier, Fred R. Moore Jr., Michael W. Patrick, Ellis W. Taylor, among others.

  • Headquarters: 1901 Main St. Columbia, SC 29201

  • Number of Employees: No information is available.

  • Revenue: No information is available.

  • Notable for: Being one of four wholesale funding banks within the Farm Credit System. Provides wholesale financial services, technology, and other value-added services to Associations that then deliver loans to rural communities and agricultural operations.


Products



AgFirst provides a comprehensive suite of products and services to support Association partners:

  • Association Relationship Management: Customized attention and support for Association business processes.

  • Capital Markets: Expertise and strong financial networks for capital leveraging.

  • Correspondent Lending: Streamlined processes and competitive pricing in lending.

  • Customer Relationship Management (CRM): Tools for sales teams to manage customer interactions and marketing campaigns.

  • Customer Support: Seamless support experience for Associations.

  • Digital Banking: Secure online platforms for account management.

  • Enterprise Platforms: Secure data storage and report writing tools.

  • Farm Credit University: Online education and professional development for farmers.

  • Financial Reporting and Analysis: Software and support services for accurate financial reporting.

  • Human Resources: Workforce management and HR services including recruitment, training, and compensation.

  • Infrastructure and Network: Reliable data center operations.

  • Legislative Support: Educating Congress on Farm Credit's mission.

  • Loan Origination and Servicing: Technology for automating and streamlining loan activities.

  • Marketing and Communications: Market research, marketing strategy, and customer insights.

  • Security: Robust cybersecurity measures.


Key Features


  • Customized solutions tailored to the needs of their Association partners, leveraging technological and financial expertise to enhance productivity and efficiency across multiple operational facets.


Recent Developments



  • Hackathon Partnership: AgFirst partnered with S.C. State University for a hackathon addressing challenges faced by young, beginning, and small (YBS) farmers. (October 4-6, 2024)

  • Executive Team Expansion: Brian Runkle appointed as Chief Operating Officer and Pat Calhoun as Chief Credit Officer, both joining AgFirst's Executive Committee. (October 1, 2024)

  • Hurricane Relief Efforts: Collaborated with CoBank, Farmer Mac, and Texas Farm Credit District to provide $315,000 in relief for Hurricane Helene victims by donating to the American Red Cross. (October 4, 2024)

  • Financial Philanthropy: AgFirst was recognized with the Bates-Jones Equity and Philanthropy Award and the Excellence in Workplace Diversity Award by the South Carolina Chamber of Commerce.

  • Educational Initiatives: Launched AgBizInfo as an educational platform to support YBS farmers with resources and connections to local Farm Credit lenders.

  • AgFirst’s 2023 Philanthropy: Donated more than $630,000 to organizations addressing community needs such as hunger and homelessness.

  • Workforce Campaign: Raised $167,000 for United Way of the Midlands through internal efforts.


Summary



AgFirst Farm Credit Bank plays a pivotal role in the Farm Credit System by providing essential financial services and technology solutions tailored for rural credit Associations across 15 Eastern states and Puerto Rico. The company's approach combines financial stability, cutting-edge technology, and cooperative principles to empower rural communities and foster agricultural growth. Through strategic partnerships and initiatives, AgFirst continues to enhance its support for young, beginning, and small farmers, reinforcing its commitment to fostering strong, sustainable agricultural futures.