Stockholders Vote for Farmer-Owned Cooperative Merger

ALBUQUERQUE, N.M., (May 10, 2023) – Farm Credit of New Mexico and American AgCredit stockholders voted for a merger of the two cooperatives effective July 1, 2023, creating a merged association with enhanced marketplace stability, increased funding capacity, and better access to technology.

“This merger drives our purpose to serve the farmers, ranchers, and agribusinesses in our seven-state territory,” said Curt Hudnutt, CEO, American AgCredit. “With total assets of $20.5 billion and a diverse North American agricultural portfolio, the merged association creates a stronger partner for our customers that will help them grow their future – and the future of agriculture.”

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 builds on the agricultural expertise, talent and passion of the association employees to drive profitability for customers in New Mexico, and across the association’s territory.

Hudnutt will lead the merged American AgCredit, pending a 35-day reconsideration period and final approval from the Farm Credit Administration.

ABOUT AMERICAN AGCREDIT

American AgCredit was chartered in 1916 as part of the nationwide Farm Credit System and is the nation’s fourth-largest Farm Credit association. American AgCredit specializes in providing financial services to agricultural and rural customers in California, Colorado, Hawaii, Kansas, New Mexico, Nevada and Oklahoma, and serves capital market customers throughout the United States.

American AgCredit’s financial services include production and mortgage financing, equipment and vehicle leasing, crop and life insurance, lines of credit, and the Young, Beginning and Small Farmer Program. American AgCredit also provides interest-free loans for qualifying 4-H and FFA AgYouth programs, and college scholarships to students interested in agriculture. Learn more at AgLoan.com.

ABOUT FARM CREDIT OF NEW MEXICO

Farm Credit of New Mexico is the largest agricultural lender in New Mexico a $2 billion cooperative that specializes in agricultural lending and related services. Farm Credit of New Mexico is a full-service Ag lender, providing agricultural real estate loans, operating loans, equipment and livestock loans, rural home loans, and insurances products to New Mexico farmers and ranchers. Visit us online at www.farmcreditnm.com. Farm Credit of New Mexico is a member of the Farm Credit System, a nationwide network of retail lending associations chartered to support the borrowing needs of U.S. agriculture and the nation’s rural economy.

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For more information:

Shacey Sullivan, Vice President Marketing and Public Relations, Farm Credit of New Mexico
shacey.sullivan@farmcreditnm.com, (505) 875-6042

Erin Miser, Head of Communications, American AgCredit, media@agloan.com, (316) 213-4925