Show Utah Banks Largest Lenders ITa To States State's Farmers in jn 1956 Again In 1954 1956 Utah farmers and ranchers met et the bulk of their credit n needs eds through loans loam from om their to l I banks according to Glen M. M Carlson aHson manager Moab Branch Dranch First Security I bank Dank of ot Utah NA N-A. who represents represents I the Utah Bankers Dankers Association tion as Grand County Key Danker Bank Dank I er r. r During the year the states state's banks remained the leaders in I farm credit service e by providing far tar more financial aid to farmers and stockmen than any other 1 leading agency he noted Using figures from the sixteenth annual farm lending summary of the Agricultural Commission of the American Bankers Association Lion tion Mr Carlson pointed out that on January 1 1 1957 Utah banks had a total of In loans outstanding to farmers On the same date was wu held In Utah farm fann loans by federal Land flanks Banks the second largest lender to the states state's farmers 12 was held by Insurance companies by Production tion Credit Associations and 10 by the Farmers Home tome Ad Ad- ministration The total of farm credit outstanding outstanding out out- standing in banks was made up of In production loans and In farm fann and ranch ranchI I I mortgages In addition Utah banks held Irl Id JC dC paper not Included in the above total Mr Carlson commented ally lally on the th-e greater U use of bank real estate credit In fn relation to o production loans The Increase In farm arid and ranch capital requirements requirements require require- m ments to the present very high levels he said has hu created a growing need for loans with longer long er repayment periods particularly term Intermediate loans longer than one year At the same time there Is a high borrowing capacity capaci ty In farm real estate on which farmers could draw for real non-real estate purposes The shift to comparatively greater o IU use of t real al estate credit and pro pro- for for- capital Improvements Auction purposes Is indicated by over one half of all allf farm real teal estate loans are used for production and operating expenses ex ex- expenses pen Set new machinery Improvement improvement Improve improve- ment of livestock herds and th the like r rA A further further furth r reflection of bank efforts to meet needs for tor Inter term mediate-term loans is the Substantial substantial sub Sub- portion of production credit outstanding at the beginning beginning begin begin- i ining ning of 1957 which carried a are are- repayment re rep payment period of longer than one year Mr Carlson stated that these Investments made through use of ot longer term bank loans have contributed contributed con con- substantially to the efficiency ef at and progress of Utah agri culture |