Both ACAs are coming off excellent years and are financially and operationally strong, which is the best time to implement a merger. This strategic opportunity will position Farm Credit East for future change and enhance the financial cooperative’s support of Northeast agriculture, commercial fishing and forest products.
“This merger is the culmination of strategic planning initiatives in both associations to enhance growth and customer value for Farm Credit in the Northeast,” said CEO Reynolds. “With this merger comes new opportunities, including an expanded pool of talented staff, experience and resources to enhance member service and allow Farm Credit to continue delivering long-term value for our customer-owners.”
The merged association will also create the opportunity for increased loan diversity, a stronger capital base and enhanced earnings. In 2022, the merged association plans to build on these goals as well as move forward on other positive initiatives that provide high-value customer and employee experiences.
Farm Credit East is a member-owned cooperative with 25 locations in its eight-state service area. In addition to loans and leases, the organization also offers a full range of specialized financial services, such as tax preparation, payroll, record keeping, appraisal and consulting for farming, forest products and commercial fishing businesses. Farm Credit East is governed by a 19-person board of directors, comprised of 15 customer-elected, two customer appointed and two outside appointed directors. For more information, visit FarmCreditEast.com.
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