National Agriculture Week is March 20-26
Washington, D.C. (March 22, 2022)—The Independent Community Bankers of America® (ICBA) and the nation’s community banks celebrate America’s local farmers, ranchers and agricultural enterprises during National Ag Day in honor of their contributions to provide safe, abundant, and affordable products that support our country’s food supply and strengthen local economies nationwide.
“Community banks have faithfully served the agriculture community, providing the lion’s share of funding, to ensure America’s land stewards have the financial support they need to remain viable and vibrant,” ICBA President and CEO Rebeca Romero Rainey said. “The agriculture sector is critical to our nation’s health and prosperity and the nation’s community banks will continue to be a partner in the success of our farmers and ranchers—in good years and lean years—as they have for more than a century.”
Community banks under $10 billion in assets provide 80 percent of all financing to agriculture from the banking sector and are often the catalysts for new and expanded business opportunities within their communities. In fact, community banks provide approximately $155 billion in agriculture loans.
National Ag Day was founded in 1973 to tell the story of American agriculture and remind citizens of agriculture’s vital role in our society. ICBA offers the following facts about the agriculture industry:
- Small family farms account for 90% of all U.S. farms.
- The typical American farmer produces enough food and fiber to feed 166 people, producing jobs and investment throughout the economy.
- Farming and related industries employ 21.6 million people, making up 11 percent of total U.S. employment.
- Community banks made 87% of all farm loans and farmland loans this past quarter.
“Community banks are proud to finance our nation's farmers and ranchers and look forward to building on this tradition of service—whenever and wherever called upon,” said Romero Rainey.
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA 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.
With nearly 50,000 locations nationwide, community banks constitute roughly 99 percent of all banks, employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding nearly $5.9 trillion in assets, over $4.9 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.