November 19, 2021
WILLISTON, Vt., and ENFIELD, Conn. — Farm Credit East and Yankee Farm Credit are pleased to announce the stockholders of both cooperatives have overwhelmingly voted to merge the two agricultural credit associations.
“Both association boards and management teams are excited about this opportunity to bring together two successful Farm Credit associations,” said Laurie Griffen, chair of the Farm Credit East Board of Directors. “Our customer-owners recognized the advantages of this merger, which is why they overwhelmingly supported it through their positive vote. Together, the combined association will benefit from increased loan diversity, a stronger capital base and enhanced earnings.”
Final approval needs to be given to the merger by the Farm Credit Administration. If all conditions are met, the newly merged association is expected to begin operation on January 1, 2022, under the legal name of Farm Credit East, ACA, and leadership of CEO Mike Reynolds.
Thomas Colgan, chair of Yankee Farm Credit’s Board of Directors, said, “We have partnered with Farm Credit East in many areas for several years. Through this merger, our associations will combine these services and expertise to achieve the best possible value for members across eight northeastern states.”
Mike Reynolds, chief executive officer of both associations, concluded by saying, “Both ACAs are coming off excellent years and are financially and operationally strong, which is the best time to implement a merger. Furthermore, the expanded pool of talent and experience will enhance member service and allow Farm Credit to continue to deliver long-term value for our customer-owners.”
Farm Credit East will serve agricultural producers, forest products businesses, commercial fishermen and other rural landowners with combined assets of more than $8.9 billion. A letter was mailed to all voting stockholders notifying of the results of the merger vote. Visit either FarmCreditEast.com or YankeeFarmCredit.com for the most up-to-date information on the merger process.
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