AgCountry Farm Credit Services, Frontier Farm Credit and Farm Credit Services of America announced they have signed a collaboration contract. The three boards will share leadership, planning and technology responsibilities, while local boards, offices and programs will be retained.
“Continual improvement is vital to the long-term success of any farm or ranch,” said Shane Tiffany, chair of the Frontier Farm Credit board. “Our financial cooperatives are no different. As agriculture gets more complicated and our risks and costs as producers increase, we need to know we can count on our lender. This collaboration better positions us for the future.”
Combined, the organizations have a reach of over 85,000 producers in eight states: Iowa, Kansas, Minnesota, Nebraska, North Dakota, South Dakota, Wisconsin and Wyoming.
“There are many examples of successful collaborations in the Farm Credit System,” said Nick Jorgensen, chair of the FCSAmerica Board. “This one is unique in allowing each association to share functions where it makes sense, yet retain the local experience we all have come to value from our individual cooperatives and financial teams.”
At the end of 2022, AgCountry, based in Fargo, ND, had a reported loan volume of $11.6 billion. Frontier Farm Credit, based in Manhattan, Kan., had a volume of $2.6 billion and FCS America, based in Omaha, Neb., reported $38.3 billion.
“Our three boards are comprised mostly of farmers and ranchers. We were elected by our fellow member-owners to make decisions ensuring our associations fulfill their mission to current and future producers,” said Lynn Pietig, chair of AgCountry’s board of directors. “Each association enters this collaboration in a financially strong position. By working together, we can achieve benefits of scale that make us even stronger.”
The collaboration is expected to take effect no later than April 1, 2024.
