Farm Credit East, Farm Credit of Maine merger goes to stockholder vote

11 years ago

Farm Credit East, Farm Credit of Maine merger

goes to stockholder vote

    ENFIELD, Conn. — The board of directors for both Farm Credit East and Farm Credit of Maine have approved a merger of the two associations. The merger vote will now go to customer-stockholders for consideration.

    “This is a good merger for members of both associations,” said Andy Gilbert, chair of Farm Credit East’s board. “Both Farm Credit East and Farm Credit of Maine are successful associations, closely aligned in their missions, customer delivery and optimism for the future of Northeast agriculture.
    “Together, the combined association will benefit from increased loan diversity, a stronger capital base and enhanced earnings,” he said.
    In the coming weeks, stockholders of each association will receive a merger information packet by mail. Voting stockholders include those customers who own stock in their respective association as of Sept. 30, 2013.
    Each association will hold a separate vote with ballots mailed in early November. All ballots are due by Friday, Nov. 22, the same day that stockholder meetings will be held in both associations.
    “This is an exciting time for both Farm Credit East and Farm Credit of Maine,” said Hank McPherson, chair of Farm Credit of Maine’s board. “Both associations are financially and operationally strong, and together will be able to provide enhanced member service and strengthen Farm Credit in the Northeast.”