Intent to Merge Information
On April 8, 2021, Farm Credit East and Yankee Farm Credit announced the board of directors of both associations unanimously approved the signing of a letter of intent to merge the two organizations. To read the full press release announcement, including comments from both association's board chairs, click here.
Over the next several months, both associations will undertake due diligence to assess the benefits of a merger for stockholders and to finalize the terms of the merger agreement. The merger is subject to the approval of CoBank, both association's funding bank; the Farm Credit Administration, the associations’ regulator; and customer-stockholders. Following the Farm Credit Administration's review, the merger vote will go to customer-stockholders for consideration later this year. Farm Credit East will send customer-stockholders a complete disclosure statement at that time which will articulate the reasons for pursuing the merger and the expected impacts of the merger. This website page aims to bring you the most up-to-date information on the merger process as it becomes available.
To learn more about Yankee Farm Credit, visit their website at YankeeFarmCredit.com.
Letter from the CEO and Board Chair
In early May, CEO Reynolds and Chair Griffen issued a letter to Farm Credit East customers providing an update on the merger process and what it means for customers. Read the letter.
Frequently Asked Questions
We know there are many questions about what this merger means for customers and what it means for the future of Farm Credit in the Northeast. We have compiled a list of answers to those frequently asked questions here. We will continue to add to this list as more questions arise.
Option to receive merger materials electronically
As Farm Credit East and Yankee Farm Credit continue their due diligence to analyze the merger impact, we’re planning ahead for the stockholder vote later this year. In advance of this vote, all stockholders will receive a merger packet containing the insights obtained during due diligence along with their ballot. In preparation for sending this information, Farm Credit East would like to provide stockholders who we have email addresses for the option to receive this merger packet (and all other regulatory materials going forward) electronically, such as by email.
To effectuate this change, members must opt to receive electronic delivery. On August 23, customers were emailed a message containing an opt-in link unique to each recipient. Note, you may have received multiple emails to the same email address for each of your Farm Credit East account(s). This would occur if, for example, you have an individual relationship, a business relationship and you also have a co-signor. All three parties received a separate email and all three need to opt in to receive the merger packet electronically if they so choose. You must complete each unique link to opt in to digital delivery for each relationship.
If you have not received this request, please be in touch with your local office to verify your email address. All requests to receive the merger packet electronically must be received by September 17.
For those who we don’t have email addresses for or who do not want to begin to receive electronic communications, you may opt out via your unique link or you can disregard the email and we will mail your packet. The merger ballot will be mailed to all voting stockholders, regardless of opt-in status, but you will have the option to vote online, similar to this year’s director elections.