Providing financial services to farmers has been an important part of Regions Bank’s business for a very long time – more than 150 years, in fact.
Recently, a Regions team attended the National Black Farmers Conference and shared with the association’s members exactly how important agricultural banking is to Regions’ portfolio.
According to Lee Barnes, branch manager in Collins, Mississippi, Regions’ current Agricultural book of business places the bank among the top 15 Ag banks in the U.S.
Speaking at the conference, Barnes noted that Regions has a team of 35 dedicated Ag banking professionals, a commitment to “not only support farmers, but to grow our presence in this industry that is key to a thriving economy.”
Pointing out that agriculture is a business built on relationships, the Regions360 approach to serving customers sets Regions apart from its competitors, Barnes said.
“We can provide a crop loan, but we can also provide financial advice, wealth and treasury management, and many other services.”
The message was welcomed by those in attendance. The National Black Farmers Association (NBFA) is a non-profit organization representing Black, limited resource and socially disadvantaged farmers. Their annual conference was held in McComb, Mississippi, in early November.
Ag lending is very unique. Regions bankers understand those challenges and our products, terms and experience are here to help farmers rise to bigger and better things.
Lee Barnes, Regions branch manager in Collins, Mississippi
NBFA’s education and advocacy efforts focus on civil rights, land retention, access to public and private loans, education and agricultural training, and rural economic development for Black and other small farmers.
According to a 2021 report from McKinsey & Company, the number of Black farmers has declined significantly over the last century.
Today just 1.4 percent of farmers identify as Black.
According to the extensive report, several factors have contributed to this decline, including federal programs and policies that excluded Blacks from land purchases, the absence of legal protections such as wills that could have facilitated the transfer of property within families, and limited access to capital due to discriminatory lending practices.
The report states that the inability of Black Americans to fully participate in the land market has resulted in a lost opportunity for generational wealth creation.
The NBFA aims to address those gaps. And Regions, with a strategic focus on inclusive prosperity, is collaborating with the organization to support those efforts.
Barnes’ financial wellness presentation included insight into the uniqueness of Ag lending and how Regions bankers have the knowledge and experience to assist them. He also offered up “Critical Business IQ” tips to the farmers so they can be better equipped to have those important conversations.
“Ag lending is very different from other industries on a macro scale,” Barnes said. “Commodities are influenced by weather, global production, trade policy and political unrest. And Ag lending is very unique. Regions bankers understand those challenges and our products, terms and experience are here to help farmers rise to bigger and better things.”
Participants were also advised about how Ascentium Capital, a Regions subsidiary, can assist with business equipment financing opportunities.
This is a great honor for Regions – and for Latrisha. We share a common goal to lift up small and minority-owned businesses to create more inclusive prosperity and I’m happy for her to be a part of this recognition.
Leroy Abrahams, head of Community Affairs for Regions
Regions’ Community Affairs team played a significant role in the conference, with LoRose Moore, Community Development Manager for Mississippi, helping to facilitate the event.
Regions was in the spotlight again at the awards dinner where Latrisha Jemison, regional Community Development manager, accepted the Partner of the Year award, which acknowledges the outstanding work the bank does on behalf of minority farmers.
“This is a great honor for Regions – and for Latrisha,” said Leroy Abrahams, head of Community Affairs. “Latrisha has worked closely with the NBFA for many years and has helped facilitate a strong relationship with this important community partner. We share a common goal to lift up small and minority-owned businesses to create more inclusive prosperity and I’m happy for her to be a part of this recognition.”
Regions’ 15-state footprint covers areas of the South, Midwest and Texas, areas of the country where agriculture is vital to local economies – and small and minority-owned farms are key factors in the livelihood of those communities.
“Farming is a challenging business to be in, and small and minority-owned farms have even more barriers to success,” Jemison said. “I’m pleased that Regions prioritizes the needs of farmers and provides much-needed service and support for these businesses, while helping to close the racial wealth gap.”