AgChoice Farm Credit and MidAtlantic Farm Credit Announce Upcoming Merger
Local agricultural lenders AgChoice Farm Credit and MidAtlantic Farm Credit announced their upcoming merger to form Horizon Farm Credit, effective July 1, 2022.
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Mechanicsburg, PA, May 21, 2022 (GLOBE NEWSWIRE) -- AgChoice Farm Credit and MidAtlantic Farm Credit jointly announced their upcoming merger to form Horizon Farm Credit, effective July 1, 2022.
The vote passed after a special stockholders’ meeting on May 20, 2022 with the number of stockholders voting exceeding the required three percent quorum from both Associations’ members. Horizon Farm Credit will serve more than 100 counties in Delaware, Maryland, Pennsylvania, Virginia, and West Virginia, and will be made up of more than 20,000 member-borrowers. The merged entity will have 25 offices across its five-state footprint and be headquartered in Mechanicsburg, Pennsylvania.
Current MidAtlantic Farm Credit Chief Executive Officer, Tom Truitt, who has over 25 years of experience with the Farm Credit System, will serve as the Chief Executive Officer of Horizon Farm Credit. “AgChoice and MidAtlantic have been working together for many years as industry peers, and are closely aligned in how we go about fulfilling our mission and serving our members,” says Truitt. “This merger will allow us to become even stronger than we are today, both financially and with an increase in specialized staff.”
Current AgChoice Chief Executive Officer, Darrell Curtis, will stay on until the merger is complete to support the organizations in the transition plan. “I’m looking forward to the many benefits this new Association will bring to our local communities and partners,” says Curtis. “Both of our Associations have strong ag expertise, and we’re excited to work together to enhance the experience we provide our customers.”
No office closures or staffing changes are anticipated as a result of the merger. Members will receive the same local, personalized service from the same trusted experts. The offices of both Associations will be closed from July 1 – 4, 2022 to ensure a seamless transition as they integrate systems to form Horizon Farm Credit.
AgChoice Farm Credit Board Chair, Richard Allen, shares, “We are looking forward to serving the entire state of Pennsylvania as Horizon Farm Credit, bringing a unified voice to advocate for and support the agriculture and rural communities within the Commonwealth and beyond.”
MidAtlantic Farm Credit Board Chair, Brian Boyd, adds, “The combined knowledge and resources that both Associations bring to the table will offer even more value to our members as we keep a better pulse on the ever-evolving agriculture industry to continue providing the services our borrowers need to be successful.”
For more information about the upcoming merger and Horizon Farm Credit, visit horizonfc.com.
About AgChoice Farm Credit and MidAtlantic Farm Credit AgChoice Farm Credit and MidAtlantic Farm Credit are agricultural lending cooperatives owned by their member‐borrowers. The associations are part of the national Farm Credit System, a network of financial cooperatives established in 1916 to provide a dependable source of credit to farmers and rural America. Together they serve Delaware, Maryland, Pennsylvania, Virginia and West Virginia by providing farm loans for land, equipment, livestock and production; crop insurance; and rural home mortgages. Learn more at agchoice.com or mafc.com.
Katie Ward MidAtlantic Farm Credit 8883393334 [email protected] Jenny Kreisher MidAtlantic Farm Credit 8883393334 [email protected]Source: MidAtlantic Farm Credit
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