Farm Credit Farmer-Owned Cooperatives Merger Effective Oct. 1
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.
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