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United FCS, AgCountry boards approve merger

In an effort to better expand opportunities for member-owners, the boards of United FCS and AgCountry Farm Credit Services unanimously approved a merger proposal for the two associations at a joint session in Fargo on Nov. 11. The boards of direc...

In an effort to better expand opportunities for member-owners, the boards of United FCS and AgCountry Farm Credit Services unanimously approved a merger proposal for the two associations at a joint session in Fargo on Nov. 11. The boards of directors initially agreed to explore a merger of the two associations in June 2016.

"This vote shows that our boards feel pursuing the merger is in the best interests of our current and future member-owners, and that merging our associations will position us for greater long-term success," said Greg Nelson, AgCountry chair of the board.

The next steps include a review and approval by AgriBank, the funding bank for the associations, and a regulatory review and approval by the Farm Credit Administration. A stockholder vote in each association is tentatively planned for spring 2017. The associations are on a projected timeline for a July 1, 2017, merger implementation date.

"Moving forward with the merger will strategically position the cooperative to be a relevant source of credit and financial services for farm families, agribusinesses and rural home owners for many years to come," said Brad Sunderland, United FCS chair of the board.

Together, the merged organization would serve nearly 18,000 customer-members throughout 65 counties in Minnesota, North Dakota and Wisconsin, totaling more than $7 billion in assets.

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