Peoples Savings Bank recognized as Top Agricultural Lender in Country!
Peoples Savings Bank in Elma was recently recognized as a top producing agricultural lender in the country. “Our focus has always been on serving the Elma area with a focus on agriculture, so it is nice to be recognized,” shared Bruce Weigel, President.
PSB was ranked 11th in the country among bank lenders (with 500 million or less in Ag loans) with the highest dollar-value percentage of Ag loans to assets in 2016 by the Independent Community Bankers of America and earned solid ratings from Kroll Bond Rating Agency.
“These top performers excel in today’s highly competitive and heavily-regulated market by focusing on banking fundamentals and keeping the needs of their customers and communities at the forefront,” ICBA Group Executive Vice President, Member Engagement and Strategy Chris Lorence said. “Their tenacity, dedication and commitment to service is why the community banking model has endured for more than 250 years and why community banks are essential to our nation’s financial stability.”
Peoples Savings Bank has $69 million in assets and has four loan officers serving Ag customers which represents 74% of their total loans. “With the depth of our staff and today’s technologies we are able to serve the day to day needs of our ag customers near and far,” shared Weigel.
PSB survived the Great Depression in the 1930’s and the farm crisis in the 1980’s. “We have seen a lot of small banks sell out to bigger banks in recent years. That is not something we want to see happen with PSB,” shared Weigel. He went on to add that bank management and stockholders have made plans that should enable PSB to remain an independent community bank well into the future.
The ag lenders at Peoples Savings Bank in Elma are pictured above. They are Bruce Weigel- President, Sam Rasmussen-Vice President, Brad Shatek-Assistant Vice President, and Doug Uthe-Vice President.