The Boards of Directors’ of 1st Farm Credit Services, AgStar Financial Services, and Badgerland Financial unanimously voted to recommend a merger of their three associations to their respective members and stockholders. The next steps will include a review and approval by AgriBank, which is the funding bank for the three associations, as well as a regulatory review and approval by the Farm Credit Administration. Both are scheduled to happen later in 2016. The proposed merger decision will be finalized with a stockholder vote in 2017. Some of the key decisions reached during the early discussion include Rod Hebrink, president and CEO of AgStar Financial Services, leading the proposed merged association.
The headquarters of the proposed association will be in Sun Prairie, Wisconsin. All office locations will remain with the proposed merged association. “The three associations share the same values and commitment to rural communities and agriculture, which will carry over into the proposed merged association,” said Gary Ash, President and CEO of 1st Farm Credit Services.
Source: NAFB News Service