NEW YORK--(BUSINESS WIRE)--AgriBank, one of the four Farm Credit System Banks that jointly issue debt securities, issued a news release today announcing that it issued $250 million of preferred stock. The noncumulative perpetual preferred stock has a dividend rate fixed for 10 years at 6.875 percent and then resets to three-month LIBOR plus 4.225 percent and is callable after 10 years.
AgriBank has disclosed certain estimated financial information for the three and nine months ended September 30, 2013 to investors in connection with the preferred stock offering, including estimates of loan loss reversals of $1.5 million for the nine month period, as compared with a provision for loan losses of $6.4 million for the same period in 2012. There was no provision for loan losses recorded for the three months ended September 30, 2013, as compared to a provision for loan losses of $2.3 million for the same period in 2012. The Bank also disclosed that total assets were estimated to be $84.9 billion at September 30, 2013, as compared with $82.3 billion at December 31, 2012.
AgriBank’s actual results for the three and nine months ended September 30, 2013 could differ from the estimated results set forth above when they are ultimately finalized and publicly released.
AgriBank’s news release relating to the preferred stock issuance can be found on its website at www.agribank.com.
About the Farm Credit System
The Farm Credit System is a federally chartered network of borrower-owned lending institutions and related service organizations. The System specializes in providing financing and related services to borrowers in the agricultural and rural sectors through the four Banks and 82 affiliated Associations. Unlike commercial banks, the Banks are not legally authorized to accept deposits and they principally obtain their funds through the issuance of Systemwide Debt Securities.
Copies of this press release, as well as other financial information regarding the System, including its annual and quarterly information statements, are available on the Federal Farm Credit Banks Funding Corporation’s website at www.farmcreditfunding.com. Additional information regarding the Farm Credit System is available on the System’s website at www.farmcredit.com.
Any forward-looking statements in this press release are based on current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from expectations due to a number of risks and uncertainties. More information about these risks and uncertainties is contained in the System’s annual and quarterly information statements. The System undertakes no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.