Spill the Beans recap: Banking on it

February 24, 2021 / Categories: Uncategorized

Profinium is a one-stop shop for ag-lending and insurance needs, the company told farmers during the fourth episode of the Minnesota Soybean Growers Association’s Spill the Beans webinar series (please note: there were audio difficulties from the 16 to 24-minute mark).

“We know the people we’re working with,” said Ron Kopischke, Profinium’s Western Region Business Development director.

Profinium’s banking roots date back to 1875 when Ulysses S. Grant was president. The bank was founded in Fairmont by a Civil War veteran, Albert Ward, who helped grow the Midwest in the late 1800s by helping citizens purchase land and businesses.

Profinium, which sponsored the webinar, offers an array of insurance options – crop, health, home, auto and commercial. They also provide banking, mortgage and trust services at each of their four branches in Mankato, Fairmont, Owatonna and Truman. Profinium calls its website and mobile app the bank’s “fifth branch.” Profinium is also actively involved in charitable efforts throughout southern Minnesota.

Profinium’s team of ag bankers have decades of experience and learned how to help farmers in the most difficult times. In today’s tumultuous agriculture climate, Profinium works closely with its ag clients to better ensure financial prosperity and responsibility. Profinium offers a range of loans to farm, including operating, real estate, construction and equipment loans.

Profinium also has an independent insurance agency for farmers, including multi-peril crop insurance in addition to health, Medicare supplement, property insurance. Ken Craig, president of Profinium’s Fairmont agency, appeared during the episode to cover the basics of Profinium’s insurance options. Craig said farmers can expect increased crop insurance premiums for 2021 following the recent spike in commodity prices. Farmers have until March 15 to enrollment in crop insurance programs for 2021.

Craig encouraged clients to use Profinium’s e-signature options, saying it helps move claim indemnity payments faster.

“Once you set that up, you can look at your policies online, too,” he said.

Craig closed his presentation by highlighting Profinium’s life and disability insurance options. Minnesota farmer Joe Serbus, vice chair of the Minnesota Soybean & Promotion Council, asked how farmers should work with their insurance agent if they suspect potential damage related to dicamba. Craig said farmers should let their agent know as soon as possible if they fear there’s been dicamba damage on their farm.

“I can tell you they’ll defer it to the fall and wait until after the harvest. … because (the agent) is going to want to know what your shortage is,” Craig said.

The next episode of Spill the Beans airs next Tuesday at 9 a.m. Aaron Brudelie and Josh Tjosaas of Farm Business Management will discuss how to navigate the complex system of governmental payments for soybean producers. Each episode airs on Zoom and is livestreamed and archived on MSGA’s Facebook page. Register for Spill the Beans here today to become eligible to win a gift card.

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