How Do You Know It’s Time to Walk Away from Your Current Banker?
Walking Away from Ag Lender
As agriculture enters into its sixth year of the current recession in the sector, relationships with ag lenders are growing even more important. U.S. Farm Report host Tyne Morgan sat down with three ag lenders, each representing a different geography of the country to ask one important question: How do you know it’s time to walk away?
“Whenever you're not getting something from your lender that is helping you be a better manager of your operation, I think it's time to look at “is there a better option available for me,’” said Alan Hoskins, president and CEO of American Farm Mortgage, an ag lender with a national footprint.
“I would say if you're not being contacted regularly by your lender, if they're not getting asked certain questions - and you'll know if you should be asked those questions - if you're not getting those, it may be time to take a look,” said Keith Knudsen, president and CEO of Security Bank in Nebraska.
“If all you're getting from your lender is money and a hat, then you're in trouble, and you better look for a real partner to help your operation move in the future,” added Chris Floyd, president and CEO of first National Bank of Syracuse, located in Kansas.
