Smith, Bozick win top honors at NCFC's 80th annual meeting by ProQuest


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									in the face of extremely challenging            “Going forward, we expect that the        directors make decisions vital to their
conditions in commodity markets,             credit quality of our lending portfolio      cooperative.
credit markets and the broader               will decline modestly as a result of the         “Both Eddie and Nick have spent
economy.”                                    broader economic downturn,” Engel            their careers exhibiting outstanding
   Extreme volatility in the grain,          says.                                        leadership of their cooperatives and
oilseed and farm supply markets during                                                    showing a strong commitment to the
the first eight months of the year were a    Smith, Bozick win top honors                 farmer cooperative community in
key driver of increased financing            at NCFC’s 80th annual meeting                general,” says NCFC President and
requirements from CoBank’s                      Eddie Smith, chairman of Plains           CEO Charles F. Conner. “They are
agribusiness customers (see related          Cotton Cooperative Association, and          truly dedicated to the principles of
article, page 4). Lending to rural                                                        farmer-ownership and I congratulate
providers of power, water and                   Sunkist’s Nicholas Bozick                 them on being named Director of the
communications services also                                                              Year.”
experienced robust growth.                                                                    Director of the Year nominees were
   CoBank is issuing $314 million in                                                      examined by a panel of judges
patronage payments to customer-                                                           representing the NCFC members and
owners, up significantly from the $245                                                    outside experts. In selecting the
million in patronage paid in 2007. Of                                                     winners, judges looked at four broad
that, $207 million will be paid in cash,                                                  criteria: how well the nominee
with the remainder distributed in                                                         understands his or her cooperative; the
CoBank stock. Patronage distributions                                                     ability to provide leadership and be a
represent an average 25 percent return                                                                  team player; the possession
on the stock investment of active                                                                       of good business judgment;
borrowers.                                                                                              and the ability to
   “The increased patronage payout                                                                      communicate effectively.
authorized by our board of directors                                                                         The awards were
underscores the strength of the                                                                         presented in February
cooperative model and the overall value      Nicholas Bozick, chairman                                  during NCFC’s 80th
proposition that CoBank offer
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