Rate went into effect on June 1
Farm Credit East’s Board of Directors approved a reduction in the financial cooperative’s base variable interest rate by one quarter of one percent (.25%). This interest rate reduction applies to all customers with Farm Credit East variable rate loans and will go into effect on June 1.
Farm Credit East will continue its strategy to adjust rates consistent with the cost of funding for variable rate loans.
Board Chair Laurie Griffen, of Stillwater, NY, noted, “The board is committed to delivering value for our customer owners through competitive interest rates and patronage dividends. In this uncertain business climate, the board is determined to maintain Farm Credit East’s strong financial position and remain a reliable source of capital for members.”
Farm Credit East CEO Mike Reynolds added, “Given Farm Credit East’s strong financial performance, we are able to reduce variable interest rates and remain on track to meet our financial goals. As the leading financial partner to the Northeast agriculture, commercial fishing and forest products industries, we are confident that this interest rate reduction is consistent with our long-term focus on our customers’ needs.”