Huron, S.D. - Farmers across the region are busy harvesting their crops, but a new report is bringing to light the concern rural bankers have about farm foreclosures. It’s a problem bankers and farmers in Huron said they aren’t seeing and hope they never will.
“It’s really been almost null. I’m not aware of any,” American Bank and Trust CEO and President, Lynn Schneider said.
A study from Creighton University said about 9.5 percent of bank CEOs surveyed from 10 states expect to be greatly impacted by farm foreclosures over the next five years.
“They’re very important customer of Main Street. From the fertilizer, to the elevator, to the feed for their livestock, repairs and the implement dealers and all of that,” Schneider said.
The report also said weak farm income and low commodity prices are adding to the growing concern.