October 27, 2021
WILLISTON, Vt., and ENFIELD, Conn. — Farm Credit East and Yankee Farm Credit are pleased to announce their regulator, the Farm Credit Administration, has preliminarily approved the proposed merger of the two associations. The merger vote will now go to customer-stockholders for consideration.
“This is a strategic merger for both Farm Credit East and Yankee Farm Credit,” said Thomas Colgan, chair of Yankee Farm Credit’s Board of Directors. “Both associations have successfully partnered in the area of customer services for several years, and our board believes this is a good decision to support the long-term success of Yankee members and their Farm Credit association. Both Farm Credit East and Yankee are financially strong, and together can provide even greater value for our members.”
In the coming weeks, stockholders of each association will receive a merger information packet. Voting stockholders include those customers who own stock in their respective association as of September 20, 2021. Each association will hold a separate vote with ballots mailed in early November. All ballots are due by Thursday, November 18, and stockholder meetings will be held in both associations on November 19. Visit either FarmCreditEast.com or YankeeFarmCredit.com for the most up-to-date information on the merger process.
“This is a good merger for members of both cooperatives,” said Laurie Griffen, chair of Farm Credit East’s Board of Directors. “Both associations are closely aligned in their missions and their focus on customer owners’ success, and both are optimistic for the future of Northeast agriculture, forest products and fishing. Together, the combined association will benefit from increased loan diversity, a stronger capital base and enhanced earnings.”
Yankee Farm Credit is a member-owned cooperative which provides loans and financial services to farmers and other rural customers. Yankee is an agricultural credit association (ACA) within the national Farm Credit System. Yankee serves all of Vermont, four counties in New Hampshire (Cheshire, Coos, Grafton and Sullivan) and two counties in New York (Clinton and Essex). Yankee Farm Credit is governed by a 12-person board of directors, nine are elected by Yankee members and three are appointed by the board. For more information, visit YankeeFarmCredit.com.
Farm Credit East is a member-owned cooperative with 20 local offices in its seven-state service area. In addition to loans and leases, the organization also offers a full range of specialized financial services, such as tax preparation, payroll, record keeping, appraisal and consulting for farming, forest products and commercial fishing businesses. Farm Credit East is governed by a 16-person board of directors, comprised of 13 customer-elected, one customer appointed and two outside appointed directors. For more information, visit FarmCreditEast.com.
Yankee Farm Credit
Farm Credit East