In the world of agriculture, opportunities often present themselves at different times. Like the farmers and ranchers we serve, cooperatives like ours also are met with opportunity. Recently, a memorandum of understanding to pursue a merger was agreed upon by the Boards of Directors of AgCountry Farm Credit Services and Farm Credit Services of North Dakota. Through initial conversations between the two boards, we have identified several areas in which we believe greater value can be delivered to our customer-owners if we come together and are currently being explored.
It is important to note that we are currently in the exploratory phase. If both boards complete their due diligence and find the conditions acceptable, and we receive approval from AgriBank and the Farm Credit Administration, customer-owners will be able to vote on the proposed merger later this year. If approved, the merger would take effect no earlier than January 1, 2022.
Active communication and transparency are important to us. Be assured that we will further communicate all future decisions regarding this matter in a timely manner and will be provided to our customer-owners prior to a potential vote.
The Board understands the importance of the recommendations such as this and approach each opportunity with diligent consideration. Thank you for your continued patronage of AgCountry Farm Credit Services.
AgCountry Board Chair