Archive for the ‘ Loans ’ Category

Harvest 2019

As an eventful and often times stressful 2019 crop season comes to an end with harvest approaching, we would encourage all farmers to consider the following:

  • Farm Safety
    • Please check to make sure all safety equipment (I.E. – safety shields, fire extinguishers, etc.) is in place and in working order.
    • Be especially careful and diligent around any moving equipment and/or parts, don’t assume anything as things happen faster than we expect.
    • Make sure to use your flashers and be aware of your surroundings.
    • Wear protective and reflective clothing. 
    • When working around/in grain bins, use all appropriate safety equipment and if at all possible have a 2nd person around in case of emergency.
  • Crop Insurance
    • Be aware of your crop insurance coverage as area yields are expected to be highly variable and the chances you will have a claim have increased.
    • If you notice that your yields are potentially near or below your insurance guarantees, contact your crop insurance agent immediately to file a claim.
    • Crop Insurance Claims need to be filed within 10 days of harvest completion.
    • Please keep load records of yields from each farm and mark your bins if you are co-mingling production from several farm units.
    • If you are co-mingling 2019 crop with 2018 crop inventory, you need to request a measurement of the 2018 crop on hand.
    • We recommend reporting your yields as quickly as possible post-harvest while the data is still readily available.
    • New for this year, RMA has extended the premium due date to be postmarked no later than Nov. 30th.  Please keep this in mind as should the bill not be postmarked by the Nov. 30th deadline, all interest will be retroactive to Oct. 1st.  
  • Farm Finances
    • Do you have a marketing plan built into your 2019 cash-flow projection and are you adhering to it? Do you know/remember your break-even commodity prices?  Should we end up with a short crop this fall, you may have opportunities for selling crop during and/or after harvest and you need to stay aware of potential opportunities the market may give you.
    • Have you signed up for the 2019 MFP program payment? The deadline to do so is Dec. 6th. Have you thought about how this payment affects your cash flow?
    • Have you signed up for either the ARC or PLC program? The deadline to do so is Mar. 15th.
    • If you utilize an operating line of credit, does your 2019 line have enough availability to cover your expected fall expenses? If there are expected 2020 prepaid expenses being purchased prior to year-end, do you have a 2020 operating line of credit in place?
    • If you are expecting to seal your grain and potentially utilize FSA’s CCC loan program, please notify and consult your operating lender prior to doing so.
  • Capital Replacement Plan
    • Do you have a capital replacement plan?
    • As producers we often evaluate and consider our equipment needs during fall harvest while spending time in the cabs. Is there a year potential year end purchase you are considering?
    • Have you considered Citizens Bank Minnesota for financing these potential needs? We offer very competitive interest rates and flexible repayment terms.

2019 has been a challenging and stressful year when considering trade wars, low commodity prices, wet spring planting weather, and the unknown of what fall harvest will bring.  If you or someone you know needs or wants to talk to someone, please remember that the MN Extension’s Farm and Rural Helpline is available by contacting them at 1-833-600-2670 ext. 1.  From all of us at Citizens Bank Minnesota, we wish you a safe and prosperous harvest!

**Save the Date! Join us on January 16, 2020, from 8:00 AM – 11:00 AM at the New Ulm Event Center for our Ag Seminar, featuring Frayne Olson, PhD – Crops Economist/Marketing Specialist and Director – Quentin Burdick Center for Cooperatives at North Dakota State University. To learn more about Dr. Olson, visit: https://www.agweek.com/business/agriculture/4463910-agweek-market-extra-frayne-olson-north-dakota-state-university

By: Justin Gode, Vice President/Lender

Member FDIC/Equal Housing Lender

INVESTMENT AND INSURANCE PRODUCTS: Are Not Insured by the FDIC or any other federal government agency • Are not deposits of or guaranteed by a Bank or any Bank Affiliate • May Lose Value

WooHoo! It’s What We Do at Citizens Bank Minnesota!

WooHoo! It’s what we do at Citizens Bank Minnesota! We treat every client like an MVP! Slide on in to any of our locations to check out our grand slam products and services! WooHoo! We have an account for you! #WooHooBanking

http://www.citizensmn.bank

Top 21 Mortgage Terms

In the mortgage world there are a lot of terms that may be confusing. Because of this, we put together a “Top 21 Mortgage Terms” video that lists many common terms and their definitions. If there is a mortgage term that you don’t see and you have questions about – don’t hesitate to reach out to us, we are always happy to help and we are only a text, phone call or email away!

Visit our Mortgage Center on our website, or give us a call at 800-549-0194.

Top 10 Reasons to WooHoo! With Citizens

Citizens is the home of WooHoo! Banking® and ultimate service. We have the best products and services to fit your banking needs! Watch our latest video and you’ll see why you’ll want to WooHoo! with us too!

For more information visit us at: http://www.citizensmn.bank

Your Resolution, Your Home

new house

Is purchasing a new home on your list of resolutions and goals for 2018?  We found this helpful article that has some great tips on how you can reach that goal! Full article

And as always, our team of Citizens Mortgage lenders is only a phone call away if you have any housing questions you need answered – 800-549-0194. More information can also be found on our website at: cbnu.mortgagewebcenter.com

 

Citizens Bank Minnesota donates $15,000 and is committing up to $65,000 in total for Madelia Fire Disaster Relief

social media collage

Madelia has suffered a tremendous loss and Citizens Bank Minnesota is committed to supporting our fellow neighbors, businesses and friends and to help this small community rebuild after a fire that took place on Wednesday, February 3, 2016. Mark Denn, La Salle Branch Manager, and Fire Chief for Madelia Fire Department states,  “As an employee of Citizens and a volunteer fire fighter and Chief for Madelia Fire Department, I am amazed at how the surrounding fire departments and communities have come together to support Madelia. Words cannot express the gratitude and appreciation for all the help to rebuild Madelia’s main street!”

Citizens will donate $10,000 to the 10 area Fire Departments involved in the incident. A donation of $5,000 will be given to “Madelia Strong, Inc.”, which was formed locally to administer financial relief to those affected by the fire. Lastly, Citizens will establish up to $50,000 in interest free loan funds, to be administered out of their La Salle Branch, to be used for both personal and business purposes to those applicants that demonstrate job displacement or loss resulting from the fire.

Those interested in learning more about the loan program please contact our La Salle Branch at (507) 642-3121. Let’s get Madelia back on its feet!

Citizens Bank Minnesota is pleased to announce the following promotions:

986857 Citizens 075Julia Baumgartner, Senior Vice President

Baumgartner joined Citizens in 1991 as a Vice President and Commercial Loan Officer. She graduated Summa Cum Laude from Kansas State University with a B.S. degree in Finance as well as a B.A. in Spanish. She is also a graduate of the Commercial Lending School at the University of Oklahoma and the Graduate School of Banking at the University of Wisconsin.

986857 Citizens 033Tim Hoscheit, Senior Vice President

Hoscheit joined Citizens in 1986 as an Agricultural Loan Officer and was promoted to Vice President in 1991. He is a graduate of Western Wisconsin Technical College with an Associate Degree in Finance. He is also a graduate of the Graduate School of Banking at the University of Colorado.

Baumgartner and Hoscheit will be assuming senior management roles in the bank previously performed by Bill Brennan, who will be retiring in the spring.

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