Susan Wood covers law, cannabis, production, tech, energy, transportation, agriculture as well as banking and finance. “We’re excited about the big picture of this.” “They’re growing and need people,” Drake said, adding the California organization’s mere size provides added established stability. This latest planned merger pledges to combine a blossoming “talent pool” with Farm Credit of New Mexico and American AgCredit’s “technology platform that’s cutting edge,” Farm Credit of New Mexico board Vice Chairman Tom Drake told the Business Journal. Before Hudnutt arrived, the cooperative had merged with the Hawaii Farm Credit in 2019 and the Farm Credit of Southwest Kansas two years prior. “The intent is for everybody to have a role, said Hudnutt, who came on board in October 2020 - two decades after the formation of American AgCredit. With 720 employees currently, American Ag Credit will add on another 130 positions as the result of the acquisition. It also secures interest-free loans for qualifying 4-H and Future Farmers of America Ag-Youth programs, among college scholarships to advance the industry of agriculture and offer more opportunities to budding young farm workers and entrepreneurs. (Our services) allow (them) to weather the storm,” he said.Īmerican AgCredit provides financial services such as mortgage financing, equipment leasing and crop insurance.
With electric tractors and robots to reduce emissions and water use, respectively, along with the escalating costs of most goods, farming has become “a very expensive endeavor,” he acknowledged. Hudnutt noted that challenges farmers face from perilous weather prompted by a changing climate and the pursuit of more innovation on the farm create an elevated need for agricultural clients to seize investment dollars. Farm Credit of New Mexico brings in another 1,000 customers to American AgCredit’s client base. “The culture and values of both associations align really well,” CEO Curt Hudnutt said.įrom the North Bay’s Noble Vineyard Management to Wiens Wagyu in Kansas, American AgCredit serves more than 11,000 clients (also referred to as shareholders) in California, Colorado, Hawaii, Kansas, Nevada, Oklahoma and New Mexico. The planned merger with the Albuquerque-based organization appeals to the Sonoma County’s farm lending specialist’s plan to grow in the West. Across the nation, the business of lending to agricultural companies accounts for $200 billion in loans. ag lending cooperative out of more than 65, which make up a network of borrower-owned lending institutions.Īssets of the company formed as American AgCredit in 2000 will rise by $2 billion to $19 billion. The merger will add more of a toehold in the American Southwest for American AgCredit, the fourth largest U.S.
The deal is expected to close in July 2023 following regulatory and shareholder approvals. American AgCredit has entered into an agreement to join forces with Farm Credit of New Mexico, the Sonoma County-based farm lender announced Thursday.
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