AMES, Iowa, May 16, 2017 /PRNewswire/ -- Zions Agricultural
Finance is marking 20 years of growth this month, although its
legacy of agricultural lending dates back to Zions Bank's
establishment in 1873.
The Ames, Iowa-based division
of the bank has grown to be the leading originator of loans through
the Federal Agricultural Mortgage Corporation, known as Farmer Mac.
Since its launch two decades ago, Zions Ag Finance has originated
nearly $2 billion in Farm and Ranch
purchase loans across 44 states.
Over the course of its operations since 1998, Zions Ag Finance
has ranked No. 1 each year in originating secondary market Farm and
Ranch loans. As of year-end 2016, Zions Ag Finance had
$843 million in loan balances of
Farmer Mac's total $3.5 billion
portfolio, or 24 percent.
"Zions currently services the largest portfolio of Farm and
Ranch loans, and provides great service to its customers," said
Patrick Kerrigan, director of
business development for Farmer Mac.
Zions Ag Finance serves primarily as a wholesale lender, working
with a strong network of more than 300 correspondent banks and
agricultural lending professionals nationwide to offer unique
financing options. Zions Ag Finance focuses on providing
long-term land financing for farm and ranch acquisitions,
refinancing and capital expansion. Its offerings include 30-year
fixed rate ag loans and adjustable rate mortgages. It also provides
real estate secured Ag-Equity Revolving Lines of Credit with five
and ten-year draw periods as well as Lifestyle Ranch Loans for
recreational and hobby farm purchases.
In 1996, when legislative changes streamlined the operating
structure of Farmer Mac, allowing its guaranteed securities to
be more competitive, Zions Bank sought to enter the field by
acquiring the agricultural lending division of Mutual Benefit Life
Insurance Company based in Ames.
Since it began originating loans through this division, Zions Ag
Finance has grown to service a portfolio of approximately
$1.6 billion.
"We're working to support America's farmers and ranchers that
are raising corn and beans in the Midwest, running cattle in
Texas and Montana, planting potatoes and sugar beets in
Idaho, or growing pistachios and
citrus in California," said
Gary Guy, senior vice president and
division manager for Zions Ag Finance. "We have a long
history of helping people make their ideas a reality, and we plan
on serving the farming and ranching communities with innovative
long-term ag loans for a long time to come."
Dedicated to supporting the long-term success of Farmer Mac,
Zions Bank is also among its large shareholders, holding more than
31 percent of shares of Class A Common Stock in Farmer Mac, based
on the 2015 proxy statement.
About Zions Bank
Zions Bank, a division of ZB, N.A.,
was founded in Salt Lake City in
1873 and today operates 121 full-service financial centers
throughout Utah and Idaho, as well as Zions Ag Finance based in
Ames, Iowa. In addition to
offering a wide range of traditional banking services, Zions Bank
is also a leader in small business lending and has consistently
ranked as the No. 1 lender of U.S. Small Business Administration
7(a) loans in Utah for the past 23
years and Idaho's Boise District for the past 15 years. ZB,
N.A.'s parent company is Zions Bancorporation, which is included in
the S&P 500 and NASDAQ Financial 100 indices (NASDAQ: ZION).
Additional information is available at www.zionsbank.com.
Media Contacts:
Heidi
Prokop, Communications Manager
801-844-7915 | Heidi.Prokop@zionsbank.com
Gary Guy, Division Manager, Zions
Ag Finance
800-641-9619 ext. 219 | Gary.Guy@zionsbank.com
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visit:http://www.prnewswire.com/news-releases/zions-agricultural-finance-marks-two-decades-of-growth-300458604.html
SOURCE ZB, N.A.