Show Banks Assist Farm Ranch Operations Utah banks were serving farmers and ranchers with more credit and other finan- finan financial financial cial services than any institutional institutional group of lenders at the beginning of this year ac- ac according according cording to Harold R Sargent Vice President of First Security Security ity Bank of Utah NA who represents the Utah Bankers Association as Uintah County Key Banker During 1962 the states state's banks maintained their lead lead- leadership ersh p in agricultural credit credi t services BASED ON THE an an- annual nual lending summary of the Agricultural Committee of The American Bankers Assoc Assoc- Association ration Mr Sargent reported that at the beginning of the year Utah banks were help help- helping helping ing farmers and ranchers with 50 million in loans 14 per cent more than a year pre pre- previous previous This total included 42 mil mu- million lion in production loans and 8 million in farm mortgages At the same time 12 million in farm loans was held by life insurance companies 21 mil mil- million lion Hon by the Federal Land Banks 14 million by Pro Pro- Production Credit Associations and 9 million in estate es- es tate loans plus 19 million in real estate loans by the Farm Farm- Farmers Farmers ers Home Administration About 65 per cent of the pro pro- production production credit extended by lending institutions to Utah farmers came from banks Mr Sargent said that bankers in Utah as well as throughout the country are arc taking a realistic look at agri agri- agriculture culture appraising it from the standpoint of its total contribution to the economy Through the years the agri cultural industry as a part of the total economy has reo re- remained relatively stable with the farm the portion bl coming increasingly significant significant cant Bankers therefore are broadening their services and andare andare are also developing and pro pro- promoting rooting programs that consid- consid consider er the interwoven relation relation- ship between farmers and members members and related busi- busi businesses nesses riesses Capital has beCOMe one of the main pillars in ih agriculture ture with the total invest invest- investment investment ment increasing fourfold dur- dur ing the past pant 20 years Today farm and ranch families na- na nationally nationally have approximately billion invested in their operations with the average investment per farm estimated estimated ed to be twice the I amount reported just 10 years I Iago ago Mr Sargent stressed the importance of farmers and members and bankers work work- working ing closely together to Im- Im Improve Improve prove farm fann and ranch financial finan- finan financial cial arrangements He report report- I I cd ed that 94 per cent of insured banks the country had ad agricultural loans out out- outstanding outstanding standing at the first of the year with 96 percent of the insured commercial banks in fn Utah extending credit to farm farmand farmand and ranch people pt I coI I |