“Right now, we’re in kind of a difficult cycle because grain commodity prices are very, very low.” The bank leverages federal programs to support struggling customers, actively participating in USDA Farm Service Agency initiatives and Federal Home Loan Bank programs.“We try to understand and vet those programs so we can introduce them to those who are struggling,” Schifferdecker says. MODERN BANKING MEETS RURAL VALUES Today’s agricultural operations bear little resemblance to the farming practices that existed when GNBank opened its doors in 1918. Precision agriculture has transformed rural America into a high-tech industry where farmers map soil conditions down to individual square feet and deploy GPS-guided equipment that rivals automotive technology in sophistication. The bank’s financing requirements have evolved accordingly, supporting capital investments that can reach hundreds of thousands of dollars per operation. “It’s more complex, so ag operators have to understand the technology including the precision ag technologies,” Schifferdecker explains. Modern farming equipment incorporates advanced automation systems.“The equipment has gotten so large and the technology in combines, tractors, and Nancy George, Chief Risk Officer Mark Schifferdecker, President and CEO 131 BUSINESS VIEW MAGAZINE VOLUME 12, ISSUE 10 GNBANK, N.A.
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