FIRST BANK & TRUST COMPANY AGRICULTURAL DIVISION NAMED FOURTH LARGEST NATIONWIDE AMONG AGRICULTURAL BANKS, 30TH AMONG ALL U.S. COMMERCIAL BANKS

ABINGDON, Va., Nov. 3, 2022 /PRNewswire/ -- In a recently released report from the Federal Reserve Bank of St. Louis, First Bank & Trust Company has been recognized as the nation's fourth largest agricultural lending portfolio among ag banks and the 30^th largest agricultural lender among all U.S. commercial banks.

In 2001, First Bank & Trust Company's agricultural lending division accounted for about $10 million in loans. Today, the bank's ag lending portfolio is more than $634 million, representing about 28% of the bank's total lending portfolio and qualifying First Bank & Trust Company as an ag bank. The Federal Reserve Bank defines ag banks as any commercial lending institution whose combined ag production loans and loans secured by farmland is equal to or in excess of 25% of total loans.

President and CEO, Mark Nelson, said, "First Bank & Trust Company was founded as a bank for farmers, by farmers. Our agricultural lending team, under Keith Phillips' leadership, has helped ensure that has never changed. These updated rankings are reflective of our continuing commitment to the success of the agriculture industry."

Keith Phillips, senior vice president and manager of the agricultural lending division, said, "Ag lending remains a competitive market, but our bank's portfolio has grown by prioritizing the personal relationships our ag lenders have with their customers. Many of our lenders are farmers themselves and continue to work as advocates for the entire agriculture community."

Phillips, who was recently announced as this year's recipient of the American Bankers Association's Bruning Award, oversees a team of 28 ag lenders throughout Virginia, Tennessee and North Carolina.

Despite only having physical locations in three states, First Bank & Trust Company has been named a Farm Service Agency (FSA) Preferred lender in seven states including: Maryland, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and West Virginia.

First Bank & Trust Company, one of the top community banks in the United States, is a diversified financial services firm with more than thirty office locations throughout Southwest Virginia, Virginia's New River and Shenandoah Valleys and Northeast Tennessee. The bank's financial solutions include free checking products for personal and business accounts, savings, money market and time deposit accounts. Lending solutions are managed by mortgage, agricultural and commercial lending divisions. Comprehensive wealth management solutions are available through First Trust & Wealth Management.

For more information, visit www.firstbank.com. 

Media Contact:
Kaitlyn Widner
Vice President – Marketing
276-285-0293
[email protected]

SOURCE First Bank & Trust Company