Show Land Bank BanI to reduce interest rates A A. Dee Jenkins Director of oC the Federal Land Bank Rank Association of oC Salt Lake City announced on December 14 a reduction of oC the Federal Land Bank Dank of oC Berkeley's new-loan new Interest rate from Irom percent to 85 95 percent effective January 1 1977 on farm larm and ranch loans and from Crom percent to 90 percent on rural residence and related farm-related business loans The reduced rates will apply to existing loans that are subject to adjustment under the terms of oC the Land Banks Bank's variable interest rate plan In making the announcement Mr Jenkins said This will be bethe bethe bethe the second reduction in our interest rates during the past eight months and is the result of ofa ofa ofa a recent deline in money costs casts and the favorable outlook for lor forthe forthe the Land Banks Bank's earnings in 1977 TIllS THIS INTEREST rate reduction will benefit benefit approximately approximately ap ap- approximately ap- ap proximately borrowers Inthe in inthe inthe the Land Banks Bank's state five-state area during the coming year to the extent of about 25 million in reduced interest payments The lower new loan interest rates and the voluntary reduction of oC interest rates on existing loans are in line with the established policy of of or the Land B Bank to provide term long-term financing to agriculture at the lowest possible cost consistent with sound business practices The Federal Land Bank Association of Salt Lake City makes term long-term farm and ranch loans throughout the north central Utah area and isone is isone isone one of oC 35 land bank associations which makes loans through the Federal Land Bank of Berkeley During the first 10 30 months of 1976 this association made made 35 35 loans amounting to The association is located at West First South in Salt Lake City |