Bremer Bank Recognized as One of Nation’s Top Ag Lenders
Fargo, N.D. –August 27, 2012 - U.S. banks are the major provider of credit to the agriculture industry, with almost $130 billion in farm loans extended, as of year-end 2011. And Bremer Bank has been identified as one of the nation’s leaders in financing the needs of that industry.
In a recent report by the American Bankers Association, Bremer Bank was listed as the 14th largest ag lender in the country this year, based on volume. Other local lenders also made the list, with Choice Financial coming in at # 57, State Bank at # 73 and First State from Arthur at # 98. In 2011, Bremer made $837 million in ag loans to farm clients in North Dakota, Minnesota and Wisconsin.
Small loans make up a majority of the nation’s farm and ranch lending, with nearly $67 billion in small and micro-small farm and ranch loans on the books at the end of 2011. Moreover, the U.S. banking industry is a major source of credit to small farmers. The banking industry reported holding approximately $66.8 billion in small farm loans with $20.9 billion in micro-small farm loans at the end of 2011. The number of outstanding small farm loans totaled almost $1.1 million with the vast majority – almost 781,000 loans – under $100,000.
The agricultural sector continues to outperform the broader national economy and the Department of Agriculture credits the strength of high commodity prices and good harvests to that strong performance.
“Bremer’s founder was committed to sustaining the health and vitality of rural communities,” said Brian Hagen, president of Bremer Bank Fargo. “Meeting the financial service needs of our ag clients is one of the most important ways we can continue to carry out his vision.”
Bremer Financial Corporation
Bremer Financial Corporation is a privately-held, $8.1 billion regional financial services company owned by its employees and the Otto Bremer Foundation (OBF). Founded in 1943 by Otto Bremer, the company is headquartered in St. Paul, Minnesota and provides a comprehensive range of banking, investment, trust and insurance services to its 80 locations in Minnesota, North Dakota and Wisconsin. OBF uses its share of dividends to distribute charitable grants to Bremer Bank communities. In 2011, more than $30 million in charitable donations were given across the Bremer footprint and employees donated more than 100,000 volunteer hours to their communities. For more information, go to bremer.com.