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FARM CREDIT STOCKHOLDERS VOTE TO FORM NEW ASSOCIATION IN THE WEST
Jan. 5, 2023
Source: AgWest Farm Credit news release
Spokane, Washington - Stockholders of both Northwest Farm Credit Services and Farm Credit West have overwhelmingly approved a merger of their associations to form AgWest Farm Credit - a new association serving more than 22,000 customers throughout seven western states. The merger was effective January 1, 2023, after a rigorous due diligence and approval process and affirmative stockholder vote.
The new association will be led by past Farm Credit West President and CEO Mark Littlefield and a management team from both legacy associations. According to Littlefield, "This is a merger of two very successful, financially strong Farm Credit associations across the West who have partnered together for many years. Merging allows us to bring the best of each association together to form an even more effective cooperative and offer increased value to our members."
Nate Riggers, Northwest FCS Board Chair added, "Our boards view this as a strategic merger that will enhance our current capabilities to better position us to serve generations of farmers and ranchers into the future." The two legacy association boards have combined to form the AgWest Board of Directors, which includes 22 customers from different regions of the AgWest territory and two appointed non-customer experts. Riggers goes on to say that day-to-day business for customers should not be impacted by the merger. "While our name has changed, our staff, locations and care for our customers will remain the same."
Headquarters of the new association will be in Spokane, with regional operating centers across the west. AgWest will serve producers, agribusinesses, and related industries in Alaska, Arizona, California, Idaho, Oregon, Montana, and Washington, providing financing and insurance services. No changes to local branch offices are anticipated with the merger.
About AgWest FCS
AgWest is a $30 billion financial cooperative that provides financing and related services to farmers, ranchers, agribusinesses, commercial fishermen, timber producers, rural homeowners and crop insurance customers in a seven-state territory in the Western United States. AgWest is part of the 106-year-old Farm Credit System - the leading provider of credit to American agriculture. AgWest serves customers in 59 locations throughout the West.
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