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NEBRASKA'S UNITED FARM AND RANCH MANAGEMENT ACQUIRED BY ITS MANAGERS
Aug. 25, 2010
American Society of Farm Managers and Rural Appraisers reports:
Eighty-year-old United Farm and Ranch Management (UFARM) of Lincoln, Nebraska has been acquired by its managers.
Led by Keith Carlson, AFM, ARA, General Manager since 1974, the managers purchased the company from Great Western Bank. Great Western acquired UFARM as part of a takeover of TierOne Bank after regulators closed TierOne in June.
Keith Carlson, AFM, ARA and seven other managers - Chris Scow, Firth; David Arends, Lincoln; Rodney Christensen and Randy Oertwich, Norfolk; Dean Batie, ARA, Kearney; and Gary Greder, AFM, ARA and Robin Myers, North Platte - are participating in the purchase.
Carlson will serve as President of the employee-owned UFARM and all current managers and staff will continue in their branches.
UFARM manages 400 farms mostly in Nebraska but some are in neighboring states. The firm also sells real estate and crop insurance and does appraisals.
The Company began as a part of First Trust Company of Lincoln in 1931. The National Bank of Commerce (NBC) of Lincoln acquired First Trust Company in 1961, and the name was changed to the NBC Farm & Ranch Management Division.
In 1994, the Company was sold to United Nebraska Bank and became United Farm & Ranch Management. In 2004, TierOne Bank of Lincoln acquired the United Nebraska Banks including UFARM.
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