Farm Credit Mid-America and Farm Credit Midsouth officially merged on April 1, 2023 to become Farm Credit Mid-America. The merged association now serves more than 137,000 customers in 391 counties in Arkansas, Indiana, Kentucky, Missouri, Ohio and Tennessee.
“This is an exciting time for Farm Credit Mid-America as we bring our customer-owners and team members together to form an even stronger cooperative,” says Andrew Wilson, chair of Farm Credit Mid-America’s Board of Directors. “Together, we are fulfilling our purpose to secure the future of rural communities and agriculture by serving their needs with excellence.”
Dan Wagner continues to serve as Farm Credit Mid-America’s President and Chief Executive Officer. James McJunkins, former CEO of Farm Credit Midsouth, retired at the end of March 2023 after 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.
“With a combined net income of $477 million and $38 billion in total assets owned and managed, we are well-positioned to capitalize on customer opportunities and we are committed to agriculture and rural communities when challenging times arise,” says Wagner. “We look forward to getting to know our Arkansas and Missouri customers and team members over the coming months.”
Farm Credit Mid-America now has 88 offices in six states and employs approximately 1,600 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 adds new commodities, including rice and sweet potatoes, to Farm Credit Mid-America’s already diverse agricultural portfolio.
Customer-owners of Farm Credit Mid-America may share in its success through patronage, which is an annual decision made by the Board of Directors to return earnings to eligible customers. Prior to the merger, patronage-eligible customers of both cooperatives received a combined cash patronage payout of $237.6 million in the first quarter of 2023 – $230 million for Farm Credit Mid-America and $7.6 million for Farm Credit Midsouth. Over the past seven years, Farm Credit Mid-America has returned more than $1 billion in patronage. Prior to the merger, Farm Credit Midsouth returned more than $89 million to its customer-owners since 2015.
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.