American AgCredit and Farm Credit Services of Hawaii Plan of Combination
American AgCredit (AAC) and Farm Credit Services of Hawaii (FCSH) have announced today the completion of their Plan of Combination. Under the Plan of Combination, AAC acquired all of the assets and liabilities of FCSH and each stockholder of FCSH has become a stockholder of AAC. AAC now serves as the Farm Credit System association chartered to provide credit and related services to farmers, ranchers and rural residents in the state of Hawaii. FCSH will be formally dissolved in the next few months.
Fred Dixon, FCSH Interim CEO says, “The combination with American AgCredit provides an exciting opportunity to strengthen and expand the service we offer to our customer owners and to the greater Hawaiian agricultural market.”
As members of the nationwide Farm Credit System, the largest single provider of credit to American agriculture, the combination of FCSH with AAC strengthens AAC’s ability to serve farmers and ranchers throughout the Western and Midwestern states, including Hawaii.
The combination of the associations was approved by the Farm Credit Administration, the System’s regulatory agency, following a positive vote by the shareholders of FCSH.
“American AgCredit has had a presence in the Hawaiian market in conjunction with FCSH for more than 20 years,” says American AgCredit CEO Byron Enix. “The Hawaiian market provides additional diversification to our geographic and commodity base, and we are excited to expand our footprint and serve our mission to the agricultural community in Hawaii.”
About American AgCredit
Founded in 1916, American AgCredit specializes in providing financial services to agricultural and rural customers throughout California, Colorado, Hawaii, New Mexico, Nevada, Kansas and Oklahoma, as well as to capital markets customers in all 50 states. We serve customers through 34 branch offices located throughout the Western and Midwestern states, with corporate headquarters based in Santa Rosa, California.