OCR Text |
Show Federal Land Bank 1978 Report Sacramentao, California, January 1979. George P. Bloxham, president of the Federal Land Bank of Sacramento, in a year-end report on bank operations said that 1978 was a record lending year for the land Bank as 3,337 new loans were made amounting to $484 million. The bank's outstanding loans amount to $1.86 billion, with over 20,000 borrowers. The number of new loans showed an increase of 9 percent over 1977 and the dollar amount loaned was up 19 percent. At year end, he reported delinquencies were extremely low amounting to only 1.9 percent of all loans outstanding, the lowest rate for many years. He added that farmers and ranchers continue their fine repayment record. Bloxham also reported that during the year 48 percent of all new Land Bank loans were made for refinancing debt; 23 percent for the purchase of farm and ranch land; 15 percent for new buildings and improvements; im-provements; 4 percent for operating expenses; and 10 percent for miscellaneous purposes such., as paying estate taxes, etc. The Federal Land Bank of Sacramento makes long term farm and ranch real estate loans through 33 Federal land bank associations located throughout Arizona, California, Hawaii, Nevada and Utah. It is part of the nationwide Farm Credit System. |