Two leading agricultural and rural-area lending cooperatives, Farm Credit of New Mexico and American AgCredit Farm Credit, announced they were merging effective Oct. 1.
“This merger makes us a better partner for our customers,” said Curt Hudnutt, CEO of American AgCredit, who will lead the merged entity. “With an asset base of nearly $21 billion and a diverse agricultural portfolio, we’re able to better fulfill our mission – serving the farmers, ranchers, and agribusinesses in our seven-state territory. And now especially throughout New Mexico, helping them grow their future.”
American AgCredit was chartered in 1916 as part of the nationwide Farm Credit System and is the nation’s fourth-largest Farm Credit association, serving agricultural and rural customers in California, Colorado, Hawaii, Kansas, New Mexico, Nevada and Oklahoma, and capital market customers nationwide. Farm Credit of New Mexico is the largest agricultural lender in New Mexico a $2 billion cooperative that specializes in agricultural lending and related services including agricultural real estate loans and rural home loans to New Mexico farmers and ranchers.