Farm Credit Farmer-Owned Cooperatives Merger Effective Oct. 1
ALBUQUERQUE, N.M., Aug. 25, 2023 /PRNewswire/ — The merger of Farm Credit of New Mexico and American AgCredit Farm Credit cooperatives will be effective Oct. 1, 2023, creating one Farm Credit Association with enhanced marketplace stability, increased funding capacity, and better access to technology. The voting stockholders of Farm Credit of New Mexico re-voted for the proposed merger after a reconsideration process established by the Farm Credit Administration (FCA).
“This merger makes us a better partner for our customers,” said Curt Hudnutt, CEO, American AgCredit. “With an asset base of nearly $21 billion and a diverse agricultural portfolio, we’re able to better fulfill our mission – serving the farmers, ranchers, and agribusinesses in our seven-state territory. And now especially throughout New Mexico, helping them grow their future.”
According to James Duffey, Board of Directors Chair, Farm Credit of New Mexico, this merger means more for customers, employees, and the Farm Credit mission. The size and scale of the merged Association helps ensure the future of agriculture in New Mexico.
Hudnutt will lead the merged American AgCredit, which will have more than 900 employees. The Oct. 1, 2023 effective merger date is pending final FCA approval.
ABOUT AMERICAN AGCREDIT
American AgCredit was chartered in 1916 as part of the nationwide Farm Credit System and is the nation’s fourth-largest Farm Credit association. American AgCredit specializes in providing financial services to agricultural and rural customers in California, Colorado, Hawaii, Kansas, New Mexico, Nevada and Oklahoma, and serves capital market customers throughout the United States.
American AgCredit’s financial services include production and mortgage financing, equipment and vehicle leasing, crop and life insurance, lines of credit, and the Young, Beginning and Small Farmer Program. American AgCredit also provides interest-free loans for qualifying 4-H and FFA AgYouth programs, and college scholarships to students interested in agriculture. Learn more at AgLoan.com.
ABOUT FARM CREDIT OF NEW MEXICO
Farm Credit of New Mexico is the largest agricultural lender in New Mexico a $2 billion cooperative that specializes in agricultural lending and related services. Farm Credit of New Mexico is a full-service Ag lender, providing agricultural real estate loans, operating loans, equipment and livestock loans, rural home loans, and insurances products to New Mexico farmers and ranchers. Visit us online at www.farmcreditnm.com. Farm Credit of New Mexico is a member of the Farm Credit System, a nationwide network of retail lending associations chartered to support the borrowing needs of U.S. agriculture and the nation’s rural economy.
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SOURCE American AgCredit
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