On June 14, 2021, Farm Credit West's Independent Auditor convened to tally the ballots of the recent 2021 Farm Credit West Director Election. The results of this event are documented in the customer letter posted here, completing the 2021 director election process for Farm Credit West. Those who participated in the election process play an important role in FCW's success. We convey our most sincere appreciation to those who agreed to serve as director candidates, Nominating Committee members/candidates and to all those stockholders who cast their ballots. 

The wine industry is a huge part of California agriculture. According to the Wine Institute, there are 5,900 wine grape growers in the Golden State, cultivating the crop on 635,000 acres. The growers harvest almost 4 million tons of grapes a year, generating over $3 billion in farmgate revenue. In total, the wine industry has an economic impact of $57 billion a year and employs 325,000 Californians.

In 1975, a group of women concerned about challenges to California agriculture got together to “speak on behalf of the busy farmer” and educate consumers and legislators about farming issues. Today, the CWA has become one of the largest all-volunteer advocacy groups in the nation, consisting of a diverse group of bankers, lawyers, accountants, marketing professionals and consumers – along with farmers and ranchers.

Earlier today, Farm Credit West – a cooperative lending institution focusing exclusively on the agriculture industry – announced strong financial results for 2020 with continued growth in net income, earning assets and capital. These strong results positively positioned the Association to distribute 1.5% of eligible average outstanding loan balances in 2020 to customer-owners in a cash patronage dividend.

The COVID-19 pandemic posed remarkable challenges for California’s farmers and ranchers in 2020. Abrupt shifts in demand caused by restaurant and school closures and a jump in meals prepared at home forced producers to pivot to respond to these market shifts and many farmers experienced significant losses as a result.

At Farm Credit West, we are focused on the future of agriculture and actively seek opportunities to support the next generation of leaders through educational scholarships. Since 1994, Farm Credit West has proudly provided $989,500 to 266 scholars. Scholarship recipients are provided with $1,500 scholarships which can be renewed three times for a total of $6,000.

Farm Credit West, ACA recently announced the Board of Directors has voted to distribute a patronage dividend to customer-owners equal to 150 basis points (bps) or 1.50% of eligible average outstanding loan balances in 2020. This patronage dividend includes a special pandemic related relief payment of 50 bps distributed to customers during the summer of 2020.

After leaving the Air Force in 2012 with a service-connected disability, Robert Barnett was looking for a new career when he fell into farming by accident by gardening at his family’s home in Ventura, even though “it was years before I could grow something,” he recalled.

Recently, the U.S. Department of Agriculture (USDA) announced an additional $14 billion for agricultural producers who continue to face financial challenges from the COVID-19 pandemic and related market disruptions.

Since our last communication on the Paycheck Protection Program, Farm Credit West has monitored the progress of the proposed legislation designed to provide additional relief to those impacted by COVID-19, specifically SBA’s Paycheck Protection Program debt forgiveness process.