LATEST NEWS
- 2013 AgPAC Golf Outing will be held on June 17
The Minnesota Agri-Growth Council annually hosts the Minnesota AgPAC Golf Tournament in June. The outing is an opportunity for Agri-Growth members and other agriculture and food industry leaders to network, while raising funds for the Minnesota AgPAC, a political fund that benefits the state’s agriculture and food industry. Register to attend here!
- Finding Common Ground Forum on June 6th: Food Labeling - Nice to Know or Need to Know?
Finding Common Ground (FCG) is a joint effort between the University of Minnesota's Center for Animal Health & Food Safety and the Humphrey School of Public Affairs. Tough issues like Food Labeling require a broad perspective, an inquisitive mind, and a commitment to collaboration. Join the discussion on June 6 from 8am - 5pm; find out more and register here.
- Press Release: McBeth, President of Agri-Growth, Takes New Role with Land O'Lakes
Daryn McBeth, the current President of the Minnesota Agri-Growth Council, has resigned from Agri-Growth. Starting May 1, Daryn will be the Director of State Affairs and Industry Relations at Land O’Lakes, Inc. in Arden Hills, MN.
- Registration Open for Legislative Wrap Up
Join fellow food and agricultural industry stakeholders at the St. Paul Hotel on June 5 for the Agri-Growth Legislative Wrap Up. Whether it’s agriculture, the budget, environment or taxes – everything is fair game for discussion. This year's panelists include Senator Dan Sparks, Commissioner Tom Landwehr, and Blois Olson, Fluence Media. [Read more and register to attend here.]
- Agri-Growth Co-Hosting NAFB Luncheon
- The National Association of Farm Broadcasting (NAFB) in partnership with the Minnesota Agri-Growth Council is hosting an Agri-Business Luncheon on Thursday, May 30th. The event is free of charge for Agri-Growth members and is being held at The Marquette Hotel in Minneapolis. The special guest speaker will be Dr. Michael Swanson, Chief Agricultural Economist for Wells Fargo. Dr. Swanson will share insights on a range of topics, including risk management, trade with China, and market trends and forecasts.
- This event is free of charge, but no-shows will be billed $40. RSVP today, reservations are limited to 100 guests. [Read more and register to attend here.]
- April Newsletter Published
- Food and Agriculture: Too Important for Partisanship
- Member in Focus: Minnwest Bank
- What You Need to Know this Session: Legislative Update
- Save the Date: 2013 Agri-Growth Golf Tournament
- Soy & Grain Trade Summitt
- The Soy & Grain Trade Summit is the must-attend event in the industry. Join close to 1,000 buyers and sellers on October 21-23, 2013 in Minneapolis, MN. [Read more here...]
MEMBERSHIP SPOTLIGHT
Organization: Minnwest Banks
Location: Fifth largest banking company headquartered in Minnesota
Minnwest is a family owned company, operating community banks in 25 offices across 19 communities in Minnesota and South Dakota. With over $1.5 billion in assets, they are the 5th largest banking company headquartered in Minnesota. Minnwest began in 1987 when they acquired seven community banks from a large regional banking organization. Since that time they have focused on providing financing and other financial services to farmers and businesses, generally family owned.
From those seven banks, Minnwest slowly grew over the years, acquiring some branches in various communities and opening new offices in others. MInnwest views their principal task as supporting economic, cultural, and educational growth in the communities we serve through traditional banking activities, community involvement, and charitable support.
Q & A with Todd McVay, CEO:
How is your organization funded?
How is your organization funded?
Minnwest Banks are largely funded
with local deposits which are lent
back into the communities we serve.
What is new at Minnwest?
Minnwest Banks are participating in
the Farmer Mac (Federal Agricultural
Mortgage Corporation) programs.
Farmer Mac is a secondary market
provider which allows us to offer long
term fixed interest rate options to our agriculture customers.
Farmer Mac was created by Congress to establish a secondary
market for agricultural mortgage and rural utilities loans to
increase the availability of long-term credit at stable interest
rates to segments of rural America.
What are the key trends affecting your industry?
The banking industry is being subjected to an increasingly
onerous regulatory regime, the cost of which is making many
smaller community banks long-term untenable. Legal initiatives
that were undertaken to address the excesses of large
investment banks are being implemented in such a way that
community banks are being adversely and disproportionately
affected.
Biofuel expansion is also a major issue affecting our industry. In 2002, 707 million bushels or 7% of the total corn production was used to produce ethanol. By 2011, nearly 5 billion bushels or 39% of the total corn production was being consumed for ethanol production. The resultant increased demand for corn has had structural implications for the entire agricultural sector and is drawing large numbers of new acres into production world-wide. Where will equilibrium be reached and what will the implications will be for asset values? I don’t think anyone knows, but the world will certainly be different.
Our inability over the last ten years, both on the federal and state levels, to develop a coherent fiscal policy is serving to suppress growth and investment. Somehow we need to develop a credible long-term plan that will more appropriately match expenditures with revenues.
What are your legislative priorities?
We desperately need a farm bill passed this year. Governmental
policy set direction for the agricultural sector since
the Homestead Act of 1862. Being involved in agriculture in
a United States without a farm bill is somewhat akin to being
aboard a rudderless ship.
The banking industry needs relief from regulatory burden. We currently have as many as three separate governmental agencies – each with their separate rules, their separate bureaucracies, and their separate self-interests – regulating some areas of our business. We, and the public, would be better served by fewer and more consistent regulators.