Farm Credit East / Yankee Farm Credit Merger Process
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 past several months, both associations have undertaken due diligence to assess the benefits of a merger for stockholders and to finalize the terms of the merger agreement. In August, CoBank, both association's funding bank, approved the merger. On October 25, the Farm Credit Administration gave preliminary approval for the merger, subject to an affirmative vote by the stockholders of both associations. Read the press release announcing this preliminary approval.
Following, the merger vote went to customer-stockholders for consideration. All ballots were due November 18, and stockholder meetings will be held in both associations on November 19. On November 19, Farm Credit East and Yankee Farm Credit were pleased to announce the stockholders of both cooperatives overwhelmingly voted to merge the two agricultural credit associations. Read the press release announcing stockholder approval.
The newly merged association began operation on January 1, 2022, under the legal name of Farm Credit East, ACA, and leadership of CEO Mike Reynolds. View the press release announcement.
Notification of MErger Results
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.