The Farm Credit Mid-America Board of Directors is pleased to announce the intent to merge Farm Credit Mid-America and Farm Credit Midsouth under the name Farm Credit Mid-America.
“We are excited about the possibility of this merger because the two associations share notable similarities and unique strengths,” said Dane Coomer, chairman of the Farm Credit Midsouth Board of Directors.
“Our two associations’ similarities include our products and services, patronage philosophy, year-end capital levels, and most important, our commitment to our customers,” said Andrew Wilson, chairman of the Farm Credit Mid-America Board of Directors. “As we secure the future of rural communities and agriculture, we look forward to growing stronger together.”
Farm Credit Midsouth is located in the Mississippi River Delta just west of Memphis and headquartered in Jonesboro, Arkansas.
Dan Wagner, current president and CEO of Farm Credit Mid-America, will continue to serve in that role with Louisville, Kentucky as the headquarters. Farm Credit Midsouth’s CEO James McJunkins previously announced his plan to retire at the end of February 2023.
Today, combining the associations would yield approximately $36 billion in owned and managed assets with nearly 1,600 team members serving more than 137,000 customers in 391 counties across six states. The combined net income for 2021 totaled $449 million, and the combined patronage payout was $217 million.
A letter of intent has been signed by both Boards of Directors as of June 24, 2022. 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.