Lender serves 17 counties in the Bluegrass region
LEXINGTON, Ky. (March 25, 2014) — Central Kentucky Ag Credit turned 80 years old on Feb. 5. It was founded Feb. 5, 1934, during an organizational meeting at the Lafayette Hotel in Lexington.
When the association was incorporated in 1934, the occasion signaled a humble start for the financial cooperative during a time when all of America was struggling to recover from an economic crisis, and when money for rural property and farming was rarely available. Rural people were desperate to find lenders for rural properties, equipment, and farm production. Central Kentucky Ag Credit is the re-named successor to the Production Credit Association with financial business conducted continually since the institution was formed 80 years ago.
The 1934 organizational meeting in Lexington was attended by 34 people, all of whom became leaders who developed the Bluegrass Region’s farming and economic stability. From that group, the original Board of Directors was elected, and their descendants still rank as prominent farmers and leaders throughout central Kentucky.
Original incorporators included:
H. T. Asbury – Lexington
Dr. C. G. Stevenson – Winchester
Frank B. Kiser – Paris
R. F. Curd – Wilmore
F. L. Duffy – Cynthiana
C. K. Chenault – Georgetown
Ray Brown – Frankfort
Earnest McWilliams – Versailles
W. K. Prewitt – Mt. Sterling
Luther B. Caldwell – Secretary-Treasurer
As part of the nationwide Farm Credit System, Ag Credit has become a “go to” lender for farmers and rural residents throughout central Kentucky.
Today, Ag Credit operates as a large financial cooperative in the Bluegrass Region, with assets approaching $400 million in the 17-county Ag Credit service area. It has offices in Lexington, Paris, Richmond, Danville, Lebanon and Stanford.
In his annual meeting address this year, President and CEO Jim Caldwell, confirmed that record-setting association earnings, loan volume, patronage and financial reserves were achieved last year (ending Dec. 31, 2013). “What a way to turn 80!” Caldwell said, as he commented on Ag Credit’s eight decades of service.