AUBURN – Farm Credit of Maine held its 88th annual stockholders meeting April 1 at the Hilton Garden Inn in Auburn. The financial cooperative’s customer-owners and other agricultural officials heard business reports from board Chairman Robert Tetrault, a commercial fisherman from Portland, and from President and Chief Executive Officer Raymond Nowak of Brunswick.

Highlights of 2003 reports included: continued strong growth in loans to Maine’s natural resource industries; strong earnings and capital levels; and a record patronage refund to farmers, fisherman and forest products customers that are served by the bank.

The federally chartered credit association reached $300 million in total loans outstanding at year-end and earned $2.7 million after taxes.

Farm Credit awarded its annual Distinguished Service Award to Dr. Fred Hutchinson, former president of the University of Maine. He was most recently the chair of the Governor’s Dairy Task Force, which produced a set of recommendations to enhance the long-term profitability and stability of dairy farming in Maine. Dr. Hutchinson, now residing in the Ellsworth area, was recognized for his many contributions to agriculture throughout his career. He is a native of Atkinson, Maine.

The evening’s featured speaker was Jeff O’Donal, of O’Donal Nurseries in Gorham. He provided a history of the burgeoning horticulture industry in Maine. He also explained how the industry’s future is being guided by the work of the state’s Ornamental Horticulture Council. Its endowment fund, established in 2000 at the University of Maine, provides a funding base to aid research within the industry.

Farm Credit is the only financial institution in Maine dedicated solely to serving the state’s farming, fishing and forest industries.