ENFIELD, Conn. — The stockholders of Farm Credit East and Farm Credit of Maine have overwhelmingly voted to merge the two leading agricultural cooperatives.
“Both association boards and management teams are excited about this opportunity to bring together two successful Farm Credit associations. The combined association will benefit from further diversification of its loan portfolio, increased size and impact within the national Farm Credit System,” said Andy Gilbert, chair of the Farm Credit East board of directors. “The expanded pool of talent and experience will enhance member service and allow Farm Credit to continue to deliver long-term value for our customer-owners for generations.”
Final approval needs to be given to the merger by the Farm Credit Administration. If all conditions are met, the newly merged association is expected to begin operation Jan. 1, 2014 under the legal name of Farm Credit East, ACA.
Farm Credit East will serve agricultural producers, forest product businesses, commercial fishermen and other rural landowners with combined assets of more than $5 billion and a portfolio in excess of 14,000 loans.
A letter was mailed to all voting stockholders notifying them of the results of the merger vote.
