Ag-Bank Stands Firmly Behind Drought-Stricken Customers
By Jean-Paul McDonald, Farms.com
BMO (Bank of Montreal) Financial Group announced a financial relief program for farmers today, designed to help those hardest hit by the drought conditions across North America. In a statement made by BMO Financial Group President and CEO Bill Downe, the ag-bank appears to be at the forefront of private industry aid for drought relief, saying "for almost 200 years, we've earned the trust of farmers and become one of the largest agricultural lenders in North America – not just by working with them in good times, but by being there when it really counts."
This news is welcomed by farmers as they near the end of one of the driest growing seasons in over 50 years. “Banks have a unique responsibility in the creation of economic prosperity. Society rightly expects that bankers will do the right thing and stand behind the people who put food on our tables," Downe added.
Under the BMO relief program, farmers can apply for working capital assistance, deferral of loan payments and other measures designed to assist farmers. BMO’s program accepts farmers in both the United States and Canada for relief assistance. Farmers seeking assistance or more information on the relief program are urged to contact their local BMO branch and speak with a commercial account manager about their options.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $525 billion as at April 30, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.