Farm Credit West and Northwest Farm Credit Services Announce Merger Plans
Farm Credit West and Northwest Farm Credit Services are pleased to announce the board of directors of both associations have unanimously agreed to pursue a merger of the two organizations by signing a letter of intent to merge.
“Farm Credit West and Northwest Farm Credit Services are both successful, financially strong associations who have partnered together for many years to jointly finance customers, serve rural home markets and collaborate with operational functions,” said Sureena Bains Thiara, Chair of Farm Credit West’s Board of Directors. "By joining our associations, we can be better positioned to strategically address marketplace changes and provide even greater value for our customer-members.”
Over the next several months, both associations will undertake due diligence to assess merger benefits for stockholders and finalize merger agreement terms. No office closures or branch staffing changes are anticipated as part of this merger. Customers can expect the same personalized service from their account teams with the merged association.
“This is a strategic move for both cooperatives,” said Nate Riggers, Chair of Northwest Farm Credit Services’ Board of Directors. “We share a common customer-focused culture and are deeply committed to improving the lives of our customer-members, employees and the communities we serve. Together we can enhance our services while continuing to be a trusted source of financing and related services for the agriculture, forest products and fishing industries.”
Following review and approval by the associations’ regulator, the Farm Credit Administration, the merger proposal will be presented to customer-stockholders of both associations for their approval in the fall. The merged association is expected to begin operations January 1, 2023 under leadership of Farm Credit West President and CEO Mark Littlefield and a management team selected from both associations. Headquarters will be in Spokane, WA with regional operating centers in each state.