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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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