Commentary:
Farm Credit of New Mexico (FCNM) is proud of our deep legacy of serving farmers and ranchers and our commitment to agriculture is unchanged. The Board has been diligently working on the strategic direction of the Association and supports a merger with American AgCredit. American AgCredit is a part of the Farm Credit System owned by its stockholders/customers and overseen by a stockholder elected Board of Directors. The FCNM Board of Directors believe a merged Association should create competitive advantage, provide marketplace stability, and enhance the customer experience. On May 9, 2023, voting stockholders voted in favor of the merger –82% of the FCNM stockholders who voted (19%), voted in favor of the merger.
The merger process, as established by Congress, includes a 35-day reconsideration period after the vote. Farm Credit of New Mexico stockholders exercised their right to petition for reconsideration of the merger vote and according to the Farm Credit Administration (FCA) the petition is valid, which initiates a re-vote on the merger by the Farm Credit of New Mexico B stockholders. As part of this process stockholder information sessions, updated and abbreviated voting disclosure document, notice of a special meeting and a special stockholders meeting (which includes voting by proxy and in person) are being planned following the regulated process.
Farm Credit of New Mexico has taken steps to provide business continuity during this extended merger process. FCNM staff continued focus on serving our customers, and their financial services needs. The Board is committed to doing what’s right for our customers and our employees – The Board believes this is the best path forward.
Shacey Sullivan is Vice President of Marketing and Public Relations for Farm Credit of New Mexico. Sullivan's opinions are her own and do not necessarily reflect the views of KRWG Public Media or NMSU.