GreenStone Farm Credit Services and Huntington Bank are working together
to provide low-cost disaster relief loans to Michigan fruit producers
and processors. The uncommon partnership between the farm credit
association and traditional lender was formed to assist producers and
processors affected by the extraordinary devastation experienced during
the spring growing season.
“The damage that fruit producers and processors have witnessed in 2012
is unprecedented and it is critical that we join together as a community
to provide them with the tools they need to persevere during this
disastrous time,” said GreenStone president and CEO, Dave Armstrong.
“GreenStone and Huntington share a strong commitment to Michigan and its
fruit producers, who each year grow and package fruit that families
across America make a regular part of their diet.”
“Agriculture and its related industries are critical to the economic
health of Michigan,” said Jim Dunlap, president of Huntington’s Michigan
Region. “Huntington is committed to helping Michigan and its businesses
grow. We look forward to partnering with GreenStone to offer relief to
fruit producers. It is the right thing to do.”
The GreenStone Huntington partnership comes in the wake of Michigan Gov.
Rick Snyder and the state legislature creating the Agricultural Disaster
Loan Origination Program Act of 2012 for fruit growers and processors
whose operations were impacted by harsh weather earlier this year. The
governor and state legislature worked closely with the state’s financial
institutions, including GreenStone and Huntington, to develop the
program, which will provide loans with a fixed interest rate as low as
one percent to producers and processors for up to five years.
Gov. Snyder’s signing of the bill is the first step in getting Michigan
fruit producers and processors the assistance they need. Once the
Michigan Legislature appropriates funds for the program, affected
producers and processors will be able to take advantage of these
low-interest loans.
“I commend Gov. Snyder, the Michigan Legislature, the Michigan
Department of Agriculture and Rural Development and the Michigan Farm
Bureau for acting quickly to address this disaster,” added Armstrong.
“Huntington has been an active partner with Gov. Snyder and the Michigan
Economic Development Corporation in lending programs,” said Dunlap. “We
look forward to working with them again to help a critical part of our
economy.”
Subsequent to the appropriation approval, which is estimated to take
place later this summer, producers and processors interested in taking
advantage of this program who are currently GreenStone customers should
contact their local branch office or financial services officer, while
current Huntington customers should contact their local branch or
Huntington banker. Those interested who are not GreenStone or Huntington
customers should call 800-444-3276.
The Michigan State University Product Center estimates near total crop
losses for Michigan’s apple, juice grape, peach, and sweet and tart
cherry producers. Combined with the losses experienced by blueberry and
asparagus producers in 2012, total losses are estimated to exceed $200
million for the state’s agriculture industry.
About GreenStone Farm Credit Services
GreenStone Farm Credit Services, headquartered in East Lansing,
Michigan, is Michigan and northeast Wisconsin’s largest agricultural
lender and the country’s sixth largest association in the Farm Credit
System. A member-owned cooperative, GreenStone owns and manages
approximately $6 billion in assets and serves more than 22,000 members
with 37 branch locations in Michigan and northeast Wisconsin. More
information on GreenStone can be found at www.greenstonefcs.com.
About Huntington
Huntington Bancshares Incorporated is a $54 billion regional bank
holding company headquartered in Columbus, Ohio. The Huntington National
Bank, founded in 1866, provides full-service commercial, small business,
and consumer banking services; mortgage banking services; treasury
management and foreign exchange services; equipment leasing; wealth and
investment management services; trust services; brokerage services;
customized insurance brokerage and service programs; and other financial
products and services. The principal markets for these services are
Huntington’s six-state banking franchise: Ohio, Michigan, Pennsylvania,
Indiana, West Virginia, and Kentucky. The primary distribution channels
include a banking network of over 650 traditional branches and
convenience branches located in grocery stores and retirement centers,
and through an array of alternative distribution channels including
internet and mobile banking, telephone banking, and over 1,300 ATMs.
Through automotive dealership relationships within its six-state banking
franchise area and selected other Midwest and New England states,
Huntington also provides commercial banking services to the automotive
dealers and retail automobile financing for dealer customers.
