At Tioga State Bank, we recognize the essential role of agriculture, which is central not only to our country’s food supply but also helps preserve our nation’s natural resources. At TSB, we pledge to do our part to support these stewards of the land for the benefit of all Americans and the strength of local economies nationwide.
Community banks provide 80% of all financing to and are often the catalysts for new and expanded business opportunities within their communities. In fact, community banks provide roughly $155 billion in agriculture loans.
National Ag Day was founded in 1973 to recognize the contributions of farmers in providing Americans with healthy, affordable, and abundant food options. ICBA offers the following facts about the agriculture industry:
- The typical American farmer produces enough food and fiber to feed 166 people, producing jobs and investment throughout the economy.
- Americans spend less than 10.3 percent of their disposable income on food, allowing consumers financial freedom to purchase other goods.
- Farming and related industries employ 19.7 million people, making up 10.3 percent of total U.S. employment.
- Community banks under $10 billion in assets provide 80 percent of all financing to agriculture from the banking sector and are often the catalysts for new and expanded business opportunities within their communities. In fact, community banks provide approximately $155 billion in agriculture loans.
“Community banks have been serving the agricultural community for more than a century, applying their local market knowledge and relationship-based lending philosophy to address this sector’s financial needs,” ICBA President and CEO Rebeca Romero Rainey said. “Our nation’s community bankers look forward to continuing this rich tradition of service, which supports our nation’s health and prosperity and bolsters our economy.”
About ICBA
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks constitute roughly 99 percent of all banks, employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5.8 trillion in assets, over $4.9 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.