PORTLAND – Farm Credit of Maine was named 2008 Financial Institution of the Year by the Finance Authority of Maine at its annual meeting and awards banquet this week.

Beth Bordowitz, FAME’s acting CEO, said the agency chose to recognize Farm Credit of Maine for its valuable insights into the financial needs and operational complexities of Maine’s traditional land and sea-based industries.

“We are also pleased that Farm Credit of Maine has increasingly made use of our OnLine Answer Program when looking for quick responses to its commercial loan insurance needs,” said Bordowitz.

Farm Credit of Maine President and CEO Raymond J. Nowak expressed his appreciation for the award on behalf of the company and its 42 employees.

“It’s always satisfying to be acknowledged for good work, and we are especially proud to receive this award as a FAME partner,” said Nowak.

Farm Credit of Maine provides commercial loans to family businesses in Maine’s farming, forest products and fishing industries, and to businesses throughout the state’s rural communities.

Past recipients of the FAME award include Bar Harbor Savings & Trust, Machias Savings Bank, and Kennebunk Savings Bank.