Officials with Farm Credit Mid-America and Farm Credit Midsouth have officially announced their merging, made effective April 1 with the intent to keep the name Farm Credit Mid-America. And with the move, the association now serves more than 137,000 customers in 391 counties in Arkansas, Indiana, Kentucky, Missouri, Ohio, and Tennessee.
The joining of companies brings together more than $470 million in net income and $35 billion in total assets owned and managed and well-positions the company to capitalize on customer opportunity while committing to rural communities and agriculture.
With this move, Farm Credit Mid-America now has 88 offices in six states and employs approximately 1,650 team members. Its products and services include loans for real estate, operating, equipment, and rural living, as well as crop insurance and vehicle, equipment, and building leases.
The merger also adds new commodities, including rice and sweet potatoes, to Farm Credit Mid-America’s diverse agricultural portfolio.
Dan Wagner will continue to serve as Farm Credit Mid-America’s President and Chief Executive Officer. James McJunkins, the former CEO of Farm Credit Midsouth, retired at the end of March following nearly 30 years of service in the Farm Credit System. Dane Coomer, Franklin A. Fogleman, Jr., and Gary Sitzer have joined Farm Credit Mid-America’s Board of Directors from Farm Credit Midsouth.
The Boards of Directors for Farm Credit Mid-America and Farm Credit Midsouth announced their intent to merge in June 2022. The boards met independently in late August to review and approve due diligence and the merger disclosure document, which received preliminary approval from the Farm Credit Administration (FCA) in January 2023. The merger was approved by a vote from stockholders of both cooperatives in February, with final approval granted by the FCA in March.
