National Penn Bancshares Inc., headquartered in Allentown, is ranked the 28th largest agricultural business lender in total dollar volume, according to the most recent data from the Federal Deposit Insurance Corp.
“Throughout our footprint, the concentration has mainly been in the Southeast part of Pennsylvania,” said Tom Jordan, president of the Lancaster region of National Penn Bank. “Berks County has a fairly good demographic of farms in that area.”
Aside from Berks, York and Lancaster counties are also big sources of agricultural loans, and while some are also distributed to businesses in the Lehigh Valley, this region tends to be more industrial, Jordan said.
National Penn’s agricultural loan portfolio reached $500 million at the end of the first quarter of 2014. Jordan noted that National Penn only accomplished this agricultural lending success over the past 12 years, while other regional competitors on the list have been doing it much longer.
“I think it shows National Penn’s commitment to the agricultural community,” Jordan said.
The company has made a large commitment to this sector and has 10 full-time relationship managers dedicated to the agricultural lending sector, Jordan said.
National Penn’s agricultural team provides resources to help meet the needs of its customers in a variety of farming sectors, including dairy, poultry, hogs and crops.
He expects to see continued growth for these types of loans.
The soil and infrastructure of southeast Pennsylvania makes for an abundantly profitable agricultural lending sector, he added.