Commentary:
I write to you as a former Production Credit Association Lender, former Farm Credit of New Mexico Board of director, 25 year experienced Bank CEO, Rancher, and former Land Commissioner, to ask you to Vote NO on the proposed merger of Farm Credit of New Mexico and American AgCredit out of California as it wrong from many of producers while a good thing for others, this organization needs to consider what is good for the membership as a whole.
While as Bank CEO for First Federal Bank, we both acquired other institutions and ultimately were acquired by another financial institution. Our bank shareholders did well in our trades, but the employees, depositors, borrowers, communities, and charitable contributions suffered. After our takeover only a small percentage of our employees remain, branches have been closed and customers have had to move elsewhere.
We were purchased by another west coast group who did not share New Mexico values and focused more on profits than customer service, in my opinion. As institutions get larger the decisions they make get further away from individuals they serve and people become numbers. Our ag economy is super dependent on Farm Credit of New Mexico and moving decisions about a small rancher in New Mexico to a big California institution will ensure that many of our New Mexico producers will be anything but a priority for service.
I urge you to vote NO on the reconsideration of the merger of Farm Credit of New Mexico and the big California American AgCredit. Save our New Mexico ag economy and the agriculture future of our children and grandchildren.
Aubrey Dunn is a Vagabond Cattle Company Partner and former New Mexico Commissioner of Public Lands. Dunn's opinions are his own and do not necessarily reflect the views of KRWG Public Media or NMSU.