Happy New Year! We are pleased to merge the Yankee Farm Credit and Farm Credit East teams into one association the first of the year to continue as a strong partner to Northeast agriculture, commercial fishing and forest products.
Farm Credit East and Yankee Farm Credit have partnered together on a number of programs for many years, and our mission and values align, so there will be very little change as Yankee Farm Credit staff and customers become part of Farm Credit East’s next chapter. The most important thing for you to know as we embark on this new chapter is that your relationship with Farm Credit will not change. You will continue to work with the same local branch office and team, and you can expect the same commitment to your success as you have come to expect. But there are some administrative changes customers should be aware of as we combine our associations and we’ve outlined those for you below.
Our team has been working diligently over the past several months on our transition plan, and while we still have some work to do as we officially bring our teams together, this shouldn’t impact your day-to-day interactions with our team. However, there will be some process and technology changes, so please bear with us as the team gets up to speed on Farm Credit East systems.
The future of Northeast agriculture, commercial fishing and forest products is bright, and Farm Credit East is proud to be part of it. With our expanded skill set and resources, we have greater capacity to serve members across the Northeast and we look forward to growing that relationship in the future.
Thank you for allowing us to continue to be your trusted financial partner, and I look forward to getting to meet many of you in the year ahead.
Michael J Reynolds
Chief Executive Officer
Farm Credit East, ACA
We are excited for the next chapter of Farm Credit East! As we combine our associations to be one Farm Credit East, here are a few things for customers to keep in mind.
Transition to Farm Credit East
Effective January 1, 2022, all Yankee Farm Credit staff became Farm Credit East employees and all Yankee Farm Credit customers became Farm Credit East customers. Additionally, all agreements previously signed with Yankee Farm Credit (i.e. financial services agreements) were automatically transitioned to Farm Credit East as a result of the merger, so this should be a seamless transition of your service.
We know our customer-owners look forward to patronage each year, and rest assured, patronage remains a core commitment of the Farm Credit East Board of Directors. You will see no changes to how your patronage is paid in 2022, as it will be paid based on Yankee Farm Credit’s 2021 earnings and beginning in 2023 will be based on the 2022 earnings of the merged association, Farm Credit East.
New Email Addresses for your Relationship Team
The most important change for customers to note is that emails from your relationship team will be coming from a FirstName.LastName@farmcrediteast.com email address as of January 1. We encourage you to update your contacts as appropriate, but rest assured, if you forget and send to a former Yankee Farm Credit email address, it will still make its way to our team.
On a similar note, when you receive your first secure message from a Farm Credit East employee, you will be prompted to create a new account on FarmCreditEast.com to access your message. We know this is an extra step, but it ensures the safety of your confidential information.
Transition of Account Information
Former Yankee Farm Credit customers will officially move into the Farm Credit East database on January 17, 2022. At that time, you will be assigned a new customer number and account number, which you will find on your first Farm Credit East billing statement to be received mid-February. If you need this information sooner, please reach out to your local office.
Farm Credit East Online Banking
After January 17, you will also be able to request FarmCreditEast.com online access. While you may already have a FarmCreditEast.com account to use the aforementioned secure messaging, upgraded features include the ability to submit financial information, view your documents (such as billing statements, tax forms, etc.), or use online banking. With online banking, you can easily access and manage your funds, including setting up automatic payments, adding bank accounts and opting for paperless billing statements.
Current online banking customers will receive information via email specific to the transition of their online banking accounts.
Farm Credit East Billing Statement and Payments
You will receive your first Farm Credit East billing statement in mid-February, due March 1. You will continue to receive one statement and corresponding payment stub per each individual loan number and all loan statements with the same billing address will be sent in one envelope. As an added benefit, your Farm Credit East statement will also include transaction history enabling you to view activity that took place on your account during the last payment cycle.
The most important thing to keep in mind for your new statement is that all check, money order, etc. payments will need to be mailed to a single Massachusetts address versus a local branch office. This means if you have a mailing address set up through your bank or other bill payment system, the mailing address along with who the check is made payable to will need to be updated. This centralization of payments to a single location increases efficiencies to save money. Your first Farm Credit East billing statement will include this notice along with instruction on how payments should be submitted and applied.
If you haven't already, please consider our online banking or electronic funds transfer options for faster, more convenient money movement.
For customers already set up for auto payments, your recurring payments will automatically roll over into Farm Credit East’s billing system, so you do not need to take any further action. Your new statement will indicate if you are enrolled in autopayment.
If you have any questions on the information above or anything else regarding the merged association, please don’t hesitate to reach out to your local office.