The move is also possible because the new office will be located outside the area along the bypass covered by the city’s moratorium on new commercial and retail business.
“We were going to relocate anyway, because we don’t own this building,” Troyer said. “We tried to think about 10 years from now and what would be most advantageous.”
“We see it as a customer enhancement,” he added. “It will improve their experience with Farm Credit.”
The new location is also a reflection of the financial strength of the member-owned company, which has benefitted from the overall growth in the agriculture industry.
The company earned $288.6 million in 2012 — a record — more than double the firm’s profits in 2009, according to Farm Credit’s annual financial report.
“While the general economy has been suffering over the past five years, agriculture has been red hot and we’ve certainly had a lot of growth because of that,” Troyer said. “If 100 acres sold for $400,000 10 years ago, today it would be a $1 million transaction.”
Scott Smith is on Twitter @JasonSSmith1 and can be reached at email@example.com.