Farm Credit associations explore merger
In an effort to better expand opportunities for member-owners, the Boards of Directors for AgCountry Farm Credit Services, based in Fargo, ND, and United FCS, based in Willmar, MN, have agreed to explore a merger of the two associations.
Together, the merged organization would serve nearly 18,000 customer-members throughout 65 counties in Minnesota, North Dakota and Wisconsin, totaling more than $7 billion in assets.
“We believe that our culture, values, and vision make this a natural fit,” said Greg Nelson and Brad Sunderland – who serve as board chairs for AgCountry Farm Credit Services and United FCS, respectively.
“Our Board is always seeking ways to better serve our current and future member-owners, and we believe that a merger of our two associations prospectively positions us for greater long-term success,” says Bob Bahl, AgCountry CEO.
“As a cooperative, our focus is always on meeting the needs and exceeding the service expectations of our member-owners,” said United FCS CEO Marc Knisely. “This opportunity strategically positions the cooperative to be a relevant source of credit and financial services for farm families, agribusinesses and rural home owners for many years to come.”
Prior to completion, the merger is subject to the approval of the two Boards, both association’s wholesale funding bank, Farm Credit regulators, and each association’s stockholders. If approved, the merger would be effective July 1, 2017.