Merger of three farm credit organizations proposed

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North Florida CEO to retire

Special to the Citizen
Farm Credit of North Florida, Farm Credit of Southwest Florida and Farm Credit of South Florida are pursuing a merger.
The associations have signed onto a Letter of Intent to Merge — the initial step in collecting, analyzing and providing information regarding the merger’s advantages and disadvantages.  
Farm Credit’s cooperative structure allows its’ members to have the final vote of approval through a proxy mail voting process.  
The AgFirst Farm Credit Bank, parent financial arm of the three banks, recently approved the merger.
The next hurdle is winning Farm Credit Administration (FCA) approval. The agency is reviewing the merger paperwork and will announce a decision mid-October.
Once FCA approves, merger materials will be mailed to all voting stockholders, with the merger being effective Dec. 31.
Don Rice, CEO of Farm Credit of South Florida, has been selected as the CEO of the association if merged.  Charles Thompson, CEO of Farm Credit of North Florida, and Jimmy Knight, CEO of Farm Credit of Southwest Florida, have announced their retirement.

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