October 1, 2021
Dear Farm Credit East Customer:
There has been a lot happening at Farm Credit East since my last update, so I wanted to provide you with an update on your cooperative.
Our proposed merger with Yankee Farm Credit is moving along on schedule. In July, the boards of both associations approved the merger packet containing a thorough analysis of the merger. The packet was then submitted to our regulator. If approved, the merger packet will be provided to members in the coming weeks in anticipation of the stockholder vote in November. To stay up to date on the merger process, visit FarmCreditEast.com/Merger.
Thank you to those who opted to receive your merger packet (and all other regulatory materials going forward) electronically. As a cooperative, the funds we operate with are ultimately yours, and electronic delivery of regulatorily required materials, such as the merger packet and annual report, will provide significant savings that can be reinvested in your cooperative and will allow us to continue to pay strong patronage dividends. We plan to provide customers additional opportunities to opt for electronic delivery for savings on future mailings. For those who’d like to continue receiving hard copies, we’re happy to keep you up to date in whatever format you choose.
I’d also like to inform you about an ongoing customer feedback strategy the association is launching. As a cooperative committed to serving our members, we obtain feedback in many ways, including through customer meetings and on-site visits, local customer service councils, and the customer-elected board of directors to name a few — and we value that feedback. To more effectively capture all feedback, we are launching an ongoing customer survey strategy. If you receive a feedback request email from us following a loan closing or other transaction, we hope that you’ll respond with honest feedback so that we can continually improve our processes to best serve your business needs.
Another important avenue for customer feedback is our fall customer appreciation meetings. Along with the board of directors, I hope to have the opportunity to visit with many of you in person over the coming weeks. However, we continue to monitor changing conditions and federal, state and local regulations, and in some areas, it won’t be possible to hold an in-person meeting. We will promptly notify those who plan to attend of any changes to your local meeting, if necessary. Additionally, we are offering a virtual option that will present the same materials as the in-person meetings. This virtual meeting will be held on Tuesday, November 9, 2021, at 12:00 noon. Visit FarmCreditEast.com/Appreciation to register to attend virtually.
It’s certainly been a busy summer for your cooperative as we implement many initiatives focused on better serving you and your business — from plans to grow the association to expand our skill set, resources and capacity to serve members, to offering avenues for continual customer feedback and association improvement.
Our intent to join our resources with Yankee Farm Credit effective January 1, 2022, will allow us to best serve agriculture across the region, providing many benefits that will extend to members over time. We encourage you to vote when your ballot arrives in November. We look forward to the opportunity to combine our highly skilled teams to be a stronger partner to Northeast agriculture, commercial fishing and forest products for generations to come.
Michael J Reynolds
Chief Executive Officer
Farm Credit East, ACA