Farm Credit East completes merger with Maine
Press release, Farm Credit East
BATAVIA – Farm Credit East has merged with Farm Credit of Maine, effective Jan. 1.
The merger received final regulatory approval following stockholder votes of both organizations that overwhelmingly supported the merger. This merger is the culmination of strategic planning initiatives in both associations to sustain growth and customer value for Farm Credit.
Both ACAs are coming off of excellent years and are financially and operationally strong, making this the opportune time for a merger. This strategic opportunity will position Farm Credit in the Northeast for future change and maintain Northeast agriculture’s continued access to global money markets.
“With this merger comes new opportunities that include a tremendous team of Maine employees who will ‘deepen our bench’ in a variety of job areas,” said Bill Lipinski, Farm Credit East CEO. “We will work hard to ensure that significant financial benefits accrue to our expanded family of stockholders in the next several years.”
The merged association will create the opportunity for enhanced earnings, portfolio diversification and a stronger capital base. It will also offer enhanced member service through an expanded pool of talent and experience.
In 2014, the merged association plans to build on those goals as well as move forward on other positive initiatives that provide high-value customer service and expand diversity of stakeholder groups.
Farm Credit has been consolidating in recent years. The former Farm Credit of Western New York merged with First Pioneer Farm Credit in 2010. Farm Credit of WNY served 16 counties with offices in Batavia, Mayville, Hornell and Geneva.
Pioneer served the balance of New York, Connecticut, Massachusetts, Rhode Island, New Jersey and eastern New Hampshire.
With the addition of Maine, Farm Credit East now represents all of the Northeast except for Vermont.