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Show BANKS ARE MAJOR LENDERS TO FARMERS IN STATE OF UTAH Utah banks were serving farmers with more credit and other financial services than any institutional group of lenders lend-ers at the beginning of this t .-ssr-'., ;.: j year, according accord-ing to J. H. Davis, cashier cash-ier of the Milford State Bank, who represents the Utah Bankers Ass'n as Beaver Bea-ver County Key Banker. Mr. Davis tate.s banks maintained their leadership leader-ship in agricultural credit services. ser-vices. Based on the 21st annual farm lending summary of the Agricultural Committee of the American Bankers Association, Mr. Davis reported that at the beginning of the year Utah banks were helping farmers with $45 million in loans, 2 more than a year previous. This total includes $37 million in production loans and $8 million mil-lion in farm mortgages. At the same time, $12 million in farm loans was held by life insurance insur-ance companies, $20 million by the Federal Land Banks, $13 million by Production Credit Associations, and $7 million in non-real-estate loans plus $13 million in real estate loans by the Farmers Home Administration. Administra-tion. About 64 of the production pro-duction credit extended by lending institutions to Utah farmers came from banks. Mr. Davis said that "Bankers in Utah, as well as throughout the country, are taking a realistic real-istic look at agriculture, ap-i praising it from the standpoint of its total contribution to the economy. Through the years the agricultural industry, as a part of the total economy, has remained relatively stable with the "off-the-farm" portion becoming be-coming increasingly significant. Bankers, therefore, are broadening broad-ening their services and are also developing and promoting programs that consider the interwoven in-terwoven relationships between farmers and related businesses. "Capital has become one of the main pillars in agriculture, with the total invsetment increasing in-creasing nearly six-fold during the past 20 years. Today farm families nationally have approximately ap-proximately $195 billion invested invest-ed in their operations, with an average per farm worker of nearly $30,000 greater than the amount used in manufacturing." manufac-turing." Mr. Davis stressed the importance im-portance of farmers and bankers bank-ers working closely together to improve farm financial ar-rrangements. ar-rrangements. He reported that 92 of insured banks throughout through-out the country had agricultural agricul-tural loans outstanding at the first of the year, with 93 of the insured commercial banks in Utah extending credit to farm people. |