Farm Credit Services of America reported loan volume grew by a record $1.7 billion in 2007, an increase of 16 percent for the year.

FCSAmerica provides credit and insurance services to more than 70,000 farmers, ranchers, agribusiness and rural residents in South Dakota, Wyoming, Nebraska and Iowa.

FCSAmerica president and CEO Doug Stark said eligible customers will share in cash patronage for 2007 totaling $52 million.

In the past four years, FCSAmerica will have distributed more than $200 million in cash patronage, according to a news release.

Other financial highlights:

n Net income for 2007 was $196 million, compared with $152 million in 2006.

The increase in net income was due to increases in net interest income from the increase in loan volume, non-interest income from crop insurance commissions and AgriBank patronage, partially offset by increases in operating expenses.

n Total members’ equity at the end of 2007 increased to $1.9 billion from $1.7 billion at the end of 2006.

n Total assets increased to $12.9 billion at the end of 2007, from $11.2 billion at the end of 2006.

For more information, go to the FCSAmerica Web site: http://www.fcsamerica.com/.