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Show National f arm Loan" Assn. Reduces Interest on Loans Glen Kenney, secretary-manager of the Cedar City National Farm Loan Association, announced announc-ed today that the interest rate on new land bank loans has been reduced from 5 to 5. effective May 1, 1858. He stated that at the same time the Berkeley Berk-eley land bank voluntarily reduced re-duced to 5, at least for the time toeing, the Interest rate on any 5 loans already on its books. This means that the farmers and ranchers in Iron, Washington, Beaver and Millard counties in Utah and Clark County In Neva-da Neva-da who obtained land bank loans through the Cedar City National Nation-al Farm Loan Association at the higher Interest rate during the recent tight money period, will, until further notice, pay only the 5 rate computed from May 1. 1958. i In commenting on this action, Mr. Kenney said, "In banking and credit circles It Is regarded as rare, indeed, when a lender voluntarily lowers the interest rate on loans already on its books." He added that the action Is In line with the established policy of the Berkeley land bank to provide farmers and ranchers with long-term real estate loans at the lowest possible cost consistent con-sistent with sound operations. The Cedar City National Farm Loan Association Is one of the 48 associations through which land bank loans are made in California, Arizona, Nevada and Utah. Borrower-members own all 1 of the stock In these co-operative I associations, and the associations, associa-tions, in turn, own all of the ' stock In the Berkeley Land Bank. |