Officials from the Department of Agriculture and Forestry and Concordia Bank & Trust Company are taking inventory and examining the financials at Lakeland Grain Company in Winnsboro, LA, Wade Iverstine, with Kean, Miller LLP of Baton Rouge, who represents the elevator, told The Franklin Sun.
The State Department of Agriculture and Forestry is expected to place the elevator in receivership to insure that, if necessary, the State’s Cotton and Grain Indemnity Fund will be available to pay farmers. Lakeland’s principals are in full cooperation with Commissioner Mike Strain and Concordia Bank & Trust Company, Iverstine said.
The situation emerged as a result of tariffs that have upended commodity prices this year, which exacerbated Lakeland Grain Company’s financial struggles, Iverstine told The Franklin Sun.
