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Production Criedit Serves Area Farmers \ *r#r m -<"W n .*#&&&&•+ . . :..;..r? • Increase In Savings An increase in savings flows and some improvement in the supply of home mortgage credit likely is ahead, the annual report of the First Savings & Loan Association suggested recently. The report, issued by J. William Banker, president, also disclosed that savings balances held by the association amounted to $4,717,936.00 at the endof 1966 as compared to $4,129,489.00 at the close of the preceding year. Banker noted that in the face of the steppedup savings competition, the year-to-year change in savings balances was satisfactory. The report also revealed that dividends totaling $180,000.00 were paid to account holders of the First Savings & Loan Association during 1966. During the year the association invested over $1,000,000 in local mortgage loans and the total of the loans at the close of the year amounted to $4,142,071.20. The report, looking ahead, said there was no doubt that the "tight money" year of 1966 presented challenges for the savings and loan business and the real estate and housing industry. Banker continued: "As we move further into 1967, however, the picture is brighter. In recent months, savings inflows have begun to pick up slightly, interest rates seemed to reach their peak, and there seems to be a slight settling down in the economy. "With the expected increase in the flow of savings we expect that mortgage lending during this year will show a considerable increase over what we were able to channel into the housing market during 1966. "All in all, we expect this to be another year of progress and satisfactory development for the First Savings & Loan Association," Banker said. Production Credit Association is a locally owned farmers' credit cooperative. The association was organized over 33 years ago to help meet the money needs of farmers for seed, fertilizer, livestock, machinery and other short and intermediate term purposes. The association is located at 333 East Jackson Street, Woodstock, in a modern building built by them eight years ago. In addition, offices are also located at Belvidere and Grayslake. The organization was originally capitalized by the federal government in the depth of the Great Depression. Money has long since been completely replaced by farmer capital and the association has taken its rightftil place among the businesses of the area. As a property owner and taxpayer, they are vitally interested in the continuing progress of the community. Northeast Illinois Production Credit Association is one of nearly 500 such associations serving agriculture in this country. They are chartered to do business in Lake and Boone Counties as well as Mc Henry County. The Farm Credit Administration supervises the association by audits and examinations in much the same manner as national banks are audited and examined by the Federal Reserve System. The association provides a local outlet for money obtained through the system from the nation's money markets. This source of outside money for agriculture makes that much more locally accumulated money available for use by local nonfarm businesses and individuals thus contributing significantly to the overall well being of the community. Nation wide, Production Credit Associations lent over 4 billion dollars to over 350,000 farmers last year. The local association has shown consistent growth and last year loaned over 11 million dollars to over 600 farmers. These farmers own over $600,000 of the capital stock in their association. This along with accumulated surplus gives the association a net worth in excess of one million dollars making it one of the strongest financial institutions in the county. The association has been a strong booster for agriculture and youth in the county. They have been consistent buyers at the 4H Auction of the County Fair since the auction began. Their personnel have helped many ways with the fair and the association maintains the books for the fair as a public service. The FFA Foundation recently awarded a certificate to the association for 11 years of continuous support. For the last two years, they have co-operated with the Vocational Agriculture Department of Woodstock High School in training Ag-Business students. Several times each year, association personnel presents agricultural credit to adult and vo-ag classes. At various times, it has worked closely with the Extension Service and nearly all of the farm organizations in developing programs, making awards and furnishing speakers.. The association is guided by a five man board of directors elected by its member borrowers. Present directors are: Alan Ainger, Alden, President; Paul Jackson, Marengo, Vice President; Lorrie Steadman, Spring Grove; Harold Kelly, Antioch and Edward Uphoff, Garden Prairie. The staff includes the following: Mitchell Kane, Richmond, Manager; Vera Johansen, Union, Administrative Assistant; R. G. Ullrich, Mc- Henry, Grayslake Branch Manager; John Memler, Belvidere Branch Manager; Robert Miller, Crystal Lake and Marion Kleckner, Woodstock, McHenry County Fieldmen; Veleta Harting, Woodstock, Bookkeeper; LOcy Kelley, Woodstock, Secretary; Josephine Romo, Woodstock, Assistant Bookkeeper; Laura Gray, Belvidere, Clerk, and Nancy Kollenkark, Woodstock, student trainee. How to grow a great community Mix well these common ingredients -- schools, homes, churches, industry, hospitals, parks, playgrounds and local government. Scatter them on the fertile soil of a community tilled by hard-working, publicspirited, happy people. Then stand back and watch what happ'ens. We've seen what happens right here in McHenry. A community is like a growing child. Proper care and attention during the growing up process is the formula which normally produces good citizens and a good community. Modine is pleased with the healthy growth McHenry has shown during the seven years since we became a corporate citizen. We restate our reason for locating in McHenry -- to grow with you. MODIN