News

On May 3, 2023, the Federal Reserve announced a quarter-percentage point increase (0.25%) to its key federal funds rate — the 10th rate increase in just over a year.

In times of ever-increasing input costs and operating expenses, Oklahoma AgCredit’s Board of Directors and Executive Team immediately thought about the impact this would have on borrowers.

In response to the Federal Reserve's announcement, Oklahoma AgCredit has chosen to "eat" the quarter-percent rate increase for all Association-administered variable loans. Borrowers will see this rate absorption reflected on their June 2023 statement(s).

“The sole purpose of Oklahoma AgCredit is to support rural Oklahoma and agriculture with reliable financial services,” says Bob Eubanks, Oklahoma AgCredit Director and Risk Committee Chairman. “As a cooperative, we are owned by the members we service, and we strive to provide the best possible rates for our shareholders. By absorbing this rate increase, we hope our borrowers see just how important it is to us to see rural Oklahoma not only persevere in difficult times but succeed and carry on agriculture’s legacy of hard work and determination.”

For any questions about their loan, borrowers are encouraged to reach out to their local office.