National Ag Day is March 20
Washington, D.C. (March 20, 2018)—In recognition of National Ag Day, the Independent Community Bankers of America® (ICBA) celebrates American agriculture and the nation’s nearly 5,700 community banks for their enormous role in helping America grow by lending to local farmers, ranchers and agricultural enterprises.
“Community banks provide an overwhelming share of credit to local farmers and ranchers,” said ICBA President and CEO Camden R. Fine. “They understand the essential role these producers serve in supporting our nation’s food supply and bolstering our economy.
“Many community banks have been serving agricultural enterprises and family farms in their communities for more than 100 years and will continue to serve as financial first responders even in these times of stress within the agricultural economy,” Fine said.
The total impact of agriculture and food industries on the U.S. economy is estimated at nearly $7 trillion or 20 percent of the U.S. economic output.
Across the nation, community banks operate approximately 52,000 locations, employ 760,000 Americans, and hold $4.9 trillion in assets, $3.9 trillion in deposits, and $3.3 trillion in loans to consumers, small businesses, and the agricultural community
Community banks under $10 billion in assets provide more than 75 percent of agricultural loans and community banks under $50 billion provide 86 percent of ag loans within the commercial banking sector and are often the catalysts for new and expanded business opportunities within their communities to ensure long-term economic viability and vitality. In fact, community banks provide approximately $180 billion in agriculture loans.
This year marks the 45th anniversary of National Ag Day, organized by the Agriculture Council of America to increase public awareness of agriculture’s role in modern society. Visit www.agday.org to learn more.
The Independent Community Bankers of America®, the nation’s voice for nearly 5,700 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit ICBA’s website at www.icba.org.