Farm Credit Bank

Directors of the Farm Credit Bank of Baltimore will meet today to consider a merger with a sister institution in Columbia, S.C., that could lead to the creation of a new cooperative banking system extending from Pennsylvania to Florida.The possibility of a consolidation with the Farm Credit Bank of Columbia "is on the agenda for discussion at tomorrow's meeting," Jack Curry, a spokesman for the Sparks-based bank said yesterday.The bank, which is Maryland's largest agricultural lender, did not offer any hint as to how its seven-member board would vote on the issue.

Maxine and Robert Walker have worked to restore their historic Woodbine farm since they bought it in 1994. Their latest project is to replace the rotting wood on the side of their old yellow barn after rebuilding the stone foundation and replacing the tin roof. To help pay for renovations at Harwood Horse Farm, they want to rent out part of their land for private parties and open an antiques store in an old shed. As they've sought approval from Howard County, though, the Walkers have lost friends, they say. Neighbors along quiet Jennings Chapel Road have fought for five years to stop them, pointing to the threat of traffic, litter and growing commercialization.

In late autumn, the pastures at Jason and Donna Myers' dairy farm outside of New Windsor look as serene as they have for generations, but there was a new indication yesterday that times are rough down on the farm -- and that things may get worse before they get better.The Farm Credit Bank of Baltimore, the state's leading agriculture lender, reported that it set aside $2.5 million to cover potential loan losses in the future. As an indication of how much things have changed over the past year, this compares with $400,000 for loan losses in the same quarter of 1990.

MidAtlantic Farm Credit, Maryland's largest agricultural lender, posted a healthy gain in earnings last year, and its borrowers shared in the wealth. During its annual meeting with shareholders Tuesday night at the Best Western Hotel in Westminster, the cooperative bank announced that net income rose 52.6 percent to $25.35 million for the year that ended Dec. 31. Gerri D. McGuire, senior vice president and chief financial officer, told the approximately 200 farmers in attendance that the earnings translated into $17.5 million in patronage refunds to borrowers, who are also stockholders of the bank.

Stockholders of the Farm Credit Bank of Baltimore yesterday approved a consolidation with a sister institution in Columbia, S.C., that will result in the closing of its Baltimore County headquarters and the loss of 100 area jobs.The merger of the state's largest agriculture lender with the Farm Credit Bank of Columbia will form a $10 billion institution serving farmers in 15 states and Puerto Rico. It will be based in Columbia.Operations of the local bank will cease on April 1, the effective date of the merger, assuming approval by regulators, said Reider J. White, a bank spokesman.

Things are looking pretty good down on the farm.The Farm Credit Bank of Baltimore, Maryland's largest agriculture lender, reported a 37 percent jump in third-quarter net income yesterday and said it has not been plagued by the declining real estate values that have haunted some other commercial banks in the region.Stephen Swift, treasurer of the cooperative banking system, which serves the mid-Atlantic region and Puerto Rico, said the bank's $3.05 billion in outstanding loans has not been adversely affected by declining real estate values that have caused problems for urban lenders.

The Farm Credit Bank of Baltimore and its affiliates reported a 31 percent drop in second-quarter income yesterday. But bank officials were quick to point out that the decline does not properly reflect its own economic health or that of agriculture in the state.Dick Chaffich, senior vice president of the state's largest agricultural lender, said the low earnings are a "blip" resulting from farmers refinancing their loans and paying a lower interest rate at a time when the bank still has to wait several months to recall callable bonds and replace them with new issues paying a lower rate.

The Farm Credit Bank of Baltimore is preparing to sell its Baltimore County headquarters as part of a planned merger with a sister institution in South Carolina.The bank's three-story building and surrounding 120 acres is notable because it represents one of the largest existing office properties to come on the market in the past five years.Real estate analysts expect the state's largest agricultural lender will receive at least $12 million for the Sparks headquarters building and adjacent land, based on recent comparable sales.

The Farm Credit Bank of Baltimore, the state's largest agriculture lender, yesterday reported a third- quarter loss of $3.7 million.The loss resulted primarily from a $15.5 million restructuring charge related to the bank's planned merger with the Farm Credit Bank of Columbia, S.C.The deficit compared with a profit of $8.6 million during the three months that ended Sept. 30, 1993.Without the restructuring charge, the bank would have posted net income of $11.8 million for the quarter that just ended.

Five mid-Atlantic farm cooperative banks, including three in Maryland, announced plans yesterday to merge next year in a move that would form the largest agricultural lender in the region.The five banking cooperatives -- known officially as associations -- are affiliated with AgFirst Farm Credit Bank, the Columbia, S.C., cooperative formed as a result of the 1995 merger of Farm Credit Bank of Baltimore and Farm Credit Bank of Columbia.Ronald L. Byrd, chief executive officer of Central Maryland Farm Credit, one of the five associations involved in the merger, said the directors of each institution have agreed on a letter of intent to merge, "but it's not a done deal."

Shareholders of five mid-Atlantic cooperative banks, including three in Maryland, have approved a merger plan that will form the largest agriculture lender on the East Coast. F. Robert Frazee, president and chief executive of Central Maryland Farm Credit, said yesterday that the merger is scheduled to be completed July 1, and the new institution will be headquartered in Westminster. The consolidation will unite Central Maryland Farm Credit of Westminster; Chesapeake Farm Credit of Denton; Delaware Farm Credit of Dover; Keystone Farm Credit of Lancaster, Pa.; and Marva Farm Credit of Salisbury.

Five mid-Atlantic farm cooperative banks, including three in Maryland, announced plans yesterday to merge next year in a move that would form the largest agricultural lender in the region.The five banking cooperatives -- known officially as associations -- are affiliated with AgFirst Farm Credit Bank, the Columbia, S.C., cooperative formed as a result of the 1995 merger of Farm Credit Bank of Baltimore and Farm Credit Bank of Columbia.Ronald L. Byrd, chief executive officer of Central Maryland Farm Credit, one of the five associations involved in the merger, said the directors of each institution have agreed on a letter of intent to merge, "but it's not a done deal."

Fila USA will move its headquarters to the old Farm Credit Bank complex in Sparks, as the sneaker and clothing firm has increased its U.S. sales by more than 800 percent since 1991.The estimated $10 million sale of the 90,000-square-foot building and 120 acres of surrounding land ranks as one of the region's biggest commercial real estate deals of 1995. Fila will move roughly 200 employees to the three-story buildings by May, doubling its existing headquarters space, company officials said.

Stockholders of the Farm Credit Bank of Baltimore yesterday approved a consolidation with a sister institution in Columbia, S.C., that will result in the closing of its Baltimore County headquarters and the loss of 100 area jobs.The merger of the state's largest agriculture lender with the Farm Credit Bank of Columbia will form a $10 billion institution serving farmers in 15 states and Puerto Rico. It will be based in Columbia.Operations of the local bank will cease on April 1, the effective date of the merger, assuming approval by regulators, said Reider J. White, a bank spokesman.

The Farm Credit Bank of Baltimore is preparing to sell its Baltimore County headquarters as part of a planned merger with a sister institution in South Carolina.The bank's three-story building and surrounding 120 acres is notable because it represents one of the largest existing office properties to come on the market in the past five years.Real estate analysts expect the state's largest agricultural lender will receive at least $12 million for the Sparks headquarters building and adjacent land, based on recent comparable sales.

The Farm Credit Bank of Baltimore, the state's largest agriculture lender, yesterday reported a third- quarter loss of $3.7 million.The loss resulted primarily from a $15.5 million restructuring charge related to the bank's planned merger with the Farm Credit Bank of Columbia, S.C.The deficit compared with a profit of $8.6 million during the three months that ended Sept. 30, 1993.Without the restructuring charge, the bank would have posted net income of $11.8 million for the quarter that just ended.

The Farm Credit Bank of Baltimore, a cooperative bank serving the needs of mid-Atlantic farmers since the early days of World War I, announced yesterday that it has reached an agreement to merge with its sister institution in Columbia, S.C., creating a banking system extending from Pennsylvania to Florida.Gene L. Swackhamer, president of the Sparks-based bank, said the merger will lower operating costs of the consolidated operations and make the new bank more competitive.He said the consolidation is expected to save between $6 million and $7.5 million in annual operating costs.

The Farm Credit Bank of Baltimore, a cooperative bank serving the needs of mid-Atlantic farmers since the early days of World War I, announced yesterday that it has reached an agreement to merge with its sister institution in Columbia, S.C., creating a banking system extending from Pennsylvania to Florida.Gene L. Swackhamer, president of the Sparks-based bank, said the merger will lower operating costs of the consolidated operations and make the new bank more competitive.He said the consolidation is expected to save between $6 million and $7.5 million in annual operating costs.

Kodak earnings drop 29%Beset by Japanese rivals, sluggish European markets and an inability to raise prices at home or abroad, Eastman Kodak Co. said yesterday that earnings dropped 29 percent in the second quarter.The world's leading photographic products company earned $264 million, or 79 cents a share, in the three months that ended June 30, compared with profits of $371 million, or $1.13 a share, in the same period a year ago.Kodak's stock closed at $47.875 yesterday, off $1.625.Farm Credit merger talks continueDirectors of the Farm Credit Bank of Baltimore met yesterday to discuss a merger with the Farm Credit Bank of Columbia, S.C., but adjourned without reaching a decision, according to Reider J. White, vice president of communications for the Sparks-based cooperative agriculture lender.