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Minnesota Ag News Headlines
Farm Credit Associations Move to Next Phase of Merger Talks
Minnesota Ag Connection - 09/14/2021

AgCountry Farm Credit Services and Farm Credit Services of North Dakota announced the Joint Board Resolution was unanimously approved by both Boards, approving the terms and conditions of the Agreement and Plan of Merger. Following a review and approval by Farm Credit Administration (FCA), the merger vote will go to stockholders.

The combined association would operate under the AgCountry Farm Credit Services brand name and, if all conditions are met, the newly merged association is expected to begin operation under the management of AgCountry Farm Credit Services CEO Marc Knisely effective Jan. 1.

"This is a strategic merger for both associations," shares AgCountry Board of Directors Chair Ed Hegland. "Our board has worked diligently to determine how best to support the long-term success of our members, the cooperative, and the communities we serve. Next, we will need our shareholders to play their important role for our cooperative--review the merger packet that will be mailed following FCA approval and cast their vote."

"The Board of Directors serving Farm Credit Services of North Dakota, views this as a good merger for members of both cooperatives," said Bryan Ankenbauer, Board chair for Farm Credit Services of North Dakota. "Both associations are closely aligned in mission and focus on member-owners' success. The combined association will benefit from increased loan portfolio diversity, a larger capital base and a wide array of products and services."

Following the merger, member-owners can expect the same personalized service they count on today from their current branch locations and branch staff while leveraging increased staff depth, experience and skillsets that is a direct result of a merged association. They can also count on the same commitment to patronage, or cash dividends, which could effectively reduce interest rates by 1% for the cooperative if financial conditions are met.

Headquartered in Fargo, N.D., AgCountry is a member-owned, locally-governed lending institution that provides credit, financial and insurance services to farmers, ranchers and agribusinesses in eastern North Dakota, western Minnesota and central Wisconsin. AgCountry is a part of the Farm Credit System, a nationwide network of cooperative financial services institutions that serves rural America.

Farm Credit Services of North Dakota is a member-owned agricultural cooperative providing loans to farmers and ranchers for real estate, machinery, livestock and operating needs. FCSND also offers life & disability and crop insurance to the rural community. FCSND serves northwest and north central North Dakota and is part of the Farm Credit System.

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