Managing a single property is a handful for a family. Managing more than 5,000 farms and ranches for landowners in 24 states takes a company.
Farmers National Company, Omaha oversees 2.5 million acres on behalf of landowners.
“We also sell land (over 750 farms and ranches each year), we manage just over 80,000 oil and gas assets, we appraise land, we insure farm operations and we manage hunting leases for landowners,” said Jim Farrell, president and CEO.
Farrell, chair of the Kansas City Fed’s Omaha Branch Board, performs a variety of daily tasks, such as working with new clients, interacting with existing clients, and reviewing all new farm management agreements and subsequent commission programs. This doesn’t include the time he spends with vice presidents, directors and managers of departments within the company.
Throughout the year, he tries to visit the company offices in the 24-state service area. The visits include meeting with key business influencers, clients and key account holders.
Farrell uses these encounters along with his knowledge of the agricultural industry to fulfill his duties as a director.
“I bring a broad perspective to the board about how monetary policy is affecting ag as an industry,” he said. “I also bring a perspective on how the ag industry is performing.”
This experience has helped Farrell learn more about the Federal Reserve and how monetary policy affects the general economy.
“I have learned a great deal in my tenure on the Board, and the experience has been very enlightening.”
Farmers National Company also is involved with the banking industry, managing both farm and mineral assets for a large number of bank trust departments and independent trust companies.
As a director, Farrell connects the Federal Reserve to Main Street America, “helping to keep monetary policy focused not only on what is good for the big banks and Wall Street, but also for local and regional banks and Main Street businesses around the District.”