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Sanilac Co. Michigan | Spent my lending career working for FmHA (FSA to you sprouts), then a community bank for quite a few years and finally FCS of ECMI...Greenstone today. Most of that time was during the nastiest part of the "farm crisis". I got news for you... none of them, except the FmHA would hesitate to crush a borrower if the solvency of the institution was in peril, so don't kid yourselves.
What most borrowers really don't get is that the regulatory agencies the individual institutions are obliged to set the stage and can dictate which accounts get liquidated. Why do you guys think there are fewer independent country banks today than there were in 1982? It ain't cuz nobody wants to work with one. It's because with deregulation the level of competence required to manage those outfits did not keep up with the skill set required. Hand shakes and promises did not cut it.
Though never quite as delinquent in competence as their community bank counterparts, the various FLB and PCA associations also had their fair share of incompetence to contend with. Hence, the reason for the consolidation of all those independent cooperative lenders over the same period. Side note, you folks do realize the various FLB/PCA`s competed with one another for customers just like commercial banks, right? They weren't all cut from the same cloth, so to speak.
Today, if you need to borrow, pick your poison, especially in the current environment and get your financial house in order. | |
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