Show LAND BANK REDUCES EFFECTIVE INTEREST RATE Leon p Christensen president dent of the Federal Land Bank Association of Salt Lake City announced today that ef effective January 1 1963 1063 the interest rate on all existing loans bearing a higher con con- contract tract rate will be reduced to 52 per cent until further no- no notice notice tice New Land Bank loans will continue to be written at 5 per cent but the effective rate likewise will be reduced to 52 per cent on January 1 1963 until further notice In commenting on this ac action tion Mr Christensen said In banking and credit it itis itis is regarded as rare indeed when a lender lowers the in in- in interest terest rate on loans already on its books lie added that the action is in line with the l policy of the Ber Ber- Berkeley keleY land bank always to provide farmers and ranchers with term long real estate loans at the lowest possible cost consistent with sound operation The Federal Land Bank As As- sedation of Salt Lake City is isone isone one of the 46 associations ough which Land Dank Bank loans are made in California Ari An- zone zona Nevada and Utah Don Dor rower members own all of the stock in the associations Iu and the associations in turn own all of the stock in the Berkel Berkel- Berkeley eY land bank |