March 29, 2024
BANGOR DAILY NEWS (BANGOR, MAINE

Farm Credit associations mulling merger

PRESQUE ISLE — Farm Credit of Aroostook and Farm Credit of Southern Maine announced Thursday that the two associations are discussing a merger.

Kenneth Atcheson Sr., chairman of the Farm Credit of Aroostook and a merger committee member, said the potential benefits of mergers beyond Maine’s borders will be explored.

Atcheson said that the merger discussion resulted from an 18-month project, which was presented to all boards of directors in October.

Recommendations for the merger include improving customer service, improving the associations’ competitive position in the marketplace; increasing portfolio diversification; broadening and improving Farm Credit financial base; and allowing for the long-term success of Farm Credit.

While Atcheson said that no final merger decision has been made to date, he said that the merger committee will make the recommendations on the structure of the proposed organization.

“No offices will be closed or staff changes implemented until it is evident that member service will not be adversely affected,” said Atcheson.

In addition, stockholder meetings will be held to seek opinions and to address members’ concerns.

“The final decision will require stockholder approval,” said Atcheson.


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