Intentions to Merge Announced by Farm Credit Midsouth and Farm Credit Mid-America
Farm Credit Midsouth Board Chair Dane Coomer is pleased to announce the intent to merge Farm Credit Midsouth with Farm Credit Mid-America under the name Farm Credit Mid-America.
A letter of intent has been signed by both boards of directors as of June 24, 2022.
Farm Credit Midsouth’s CEO James McJunkins has previously announced his intention to retire at the end of February 2023. Dan Wagner, current president and CEO of Farm Credit Mid-America, will continue to serve in that role with Louisville, Kentucky as the headquarters.
The merged association would employ 1,650 team members and have an owned and managed asset total of nearly $36 billion, serving more than 137,000 customers across six states (391 counties).
“We are excited about the potential possibility of this merger because of our associations’ unique strengths and notable similarities.,” Coomer says. “Our associations’ similarities include the following: products and services; patronage payout philosophy; culture; year-end capital levels; commitment to communities we serve.”
Over the next several months, both associations will undertake due diligence to assess merger benefits. Throughout this process, our customers will continue to receive excellent customer experience. As cooperatives, both associations will present this potential merger for regulatory approval and to their stockholders for a vote. The targeted effective date is April 1, 2023.
Farm Credit Midsouth (a part of the Farm Credit System) is a federally-charted cooperative providing over $1.24 billion in credit and related services to more than 3,500 agriculture producers and rural home owners in ten Eastern Arkansas counties (Clay, Greene, Craighead, Mississippi, Crittenden, Poinsett, Cross, St. Francis, Lee and Phillips) and three counties in Missouri (Ripley, Carter and Wayne) through its wholly-owned PCA and FLCA subsidiaries.Learn More