Stevenson, Alabama (March 22, 2022)—In recognition of National Ag Day, First Southern State Bank and the Independent Community Bankers of America (ICBA) are celebrating the contributions of America’s local farmers, ranchers, and agricultural enterprises.
“At First Southern State Bank, we recognize the essential role of agriculture, which is central to our country’s health and prosperity,” said Jack Lovelady, President and CEO at First Southern State Bank. “Our team at First Southern pledges to do all we can to support these stewards of the land and their work to preserve our nation’s natural resources—today, tomorrow and for the future—for the benefit of all Americans.”
Community banks provide 80% of all financing to and are often the catalysts for new and expanded business opportunities within their communities. In fact, community banks provide roughly $130 billion in agriculture loans.
National Ag Day was founded nearly 50 years ago to recognize the contributions of farmers in providing Americans with healthy, affordable, and abundant food options. ICBA offers the following facts about the agriculture industry:
• The typical American farmer produces enough food and fiber to feed 166 people, producing jobs and investment throughout the economy.
• Americans spend less than 10 percent of their disposable income on food, allowing consumers financial freedom to purchase other goods.
• Farming and related industries employ 21.6 million people, making up 11 percent of total U.S. employment.
“Community banks have been serving the agricultural community for more than a century, applying their intrinsic knowledge of local markets and relationship-based lending philosophy to address this sector’s financial needs,” ICBA President and CEO Rebeca Romero Rainey said. “Our nation’s community bankers look forward to building on this rich tradition of service, which supports our nation’s food supply and bolsters our economy.”
About First Southern State Bank
First Southern State Bank is a state-chartered community bank serving individuals, small-to-medium-sized businesses, and large corporations in Northeast Alabama. It offers a wide range of personal and commercial banking, loans, and services via a dedicated, local staff committed to providing superior service and treating customers like family. First Southern State Bank has 10 locations in Cherokee, DeKalb, Jackson and Marshall Counties of Alabama. To learn more about First Southern State Bank, visit www.fssbank.com.
