Lancaster farmers will soon have easy access to insurance cooperative

July 2, 2013 by  

Lancaster farmers who want to do business with Farm Credit Mid-America currently have to drive to Utica, Ohio – a journey of 40 miles that can take over an hour. Now, all that’s about to change, since Farm Credit broke ground June 27 for a local Lancaster branch.

The new office, which is to be located at the intersection of Ohio routes 37 and 256, should open either late this year or in early 2014. It also brings approximately 8 or 9 new jobs with it at the beginning, a number that could increase to approximately 20 employees. The new site comprises approximately five acres.

Farm Credit has been around since the 1920s and is what is known as a “lending cooperative”, which provides loans to farmers and others in the agricultural sector for housing and other construction needs. It also provides services like crop insurance, and its customers are part-owners of the company. This sets it apart from other banks and gives it a different philosophy, according to assistant VP of financial services Lindsey Hoskinson.

Hoskinson noted that Farm Credit did have an office in Lancaster but closed it when it consolidated its operations. Moving the cooperative back to Lancaster, where many of its customers live and work, will enable Farm Credit to improve its relationship with them, Hoskinson explained.

Farm Credit will want to make certain Lancaster knows it is opening a new branch, so company officers could work with brochure printers to create a mailer targeted to the local area.