Merger Moving Forward
Effective Oct. 1, 2023, Farm Credit of New Mexico and American AgCredit will merge into one Farm Credit Association operating as American AgCredit, pending final Farm Credit Administration approval. The merger will create an association with enhanced marketplace stability, increased funding capacity, and better access to technology. We are committed to our deep legacy of serving farmers and ranchers across our territory – and including New Mexico.
In the upcoming weeks, check this page for more information as we prepare for the merger transition.
Our customers are growing, adapting, and changing the shape of agriculture.
And so are we. The Board of Directors has diligently been working on the strategic direction of the association and supports the merger.
Moving toward the final merger
During this period preceding the merger effective date, each Associations’ Board of Directors have agreed that it is in the best interest of customers and employees to appoint a single individual as chief executive officer (CEO) of both Associations and implement a transition managerial structure. As of Sept. 1, 2023, Curt Hudnutt will become CEO of both Associations. Both Boards of Directors will remain in place during this transition period and the Associations will coordinate operations but remain separate, independent Associations as we work collectively toward the merger effective date of Oct. 1, 2023.
ALBUQUERQUE, N.M., (Aug. 25, 2023) – 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.
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