AgSouth Farm Credit & Carolina Farm Credit Intent to Merge

AgSouth Farm Credit & Carolina Farm Credit Intent to Merge

Agriculture and Rural America are ever-evolving and advancing. It is Farm Credit’s mission is to support agriculture and rural America. Carolina Farm Credit and AgSouth Farm Credit intend to merge to better position themselves to continue to support, promote and provide resources and reliable credit for farmers and rural residents across their 147 counties in North Carolina, South Carolina and Georgia. Local, personalized service will continue to be a top priority through the proposed merger process and beyond.

We anticipate that further due diligence will confirm that a merger should generate meaningful benefits for the stockholders, agriculture producers and future producers, communities served and employees from both Associations. 

The Process

1. Intent to Merge
The Board of Directors from both Associations unanimously agreed to the intent to merge.
2. Due Diligence 
Thoroughly review the impact a combined Association would have on resiliency, cost synergy, operational capacity, growth and profitability, and patronage.

3. Board & FCA Approval 
Findings from the due diligence period will be shared with both Boards to guide each of their decisions on whether to approve the transaction and seek to obtain regulatory approval from the Farm Credit Administration.

4. Merger Disclosure
If regulatory approval is obtained, stockholders will receive a merger disclosure package in early 2023 with a complete description of the merger terms and the Board’s reasons for recommending stockholder approval. 

5. Eligible Stockholder Vote 
A stockholder vote would occur after the merger disclosures were distributed to eligible stockholders.

6. Merger Effective
If approved, the merger would become effective on April 1, 2023.

Merger Disclosure Statement

Click here to view the Merger Disclosure Statement

Special Meeting Information

All voting stockholders can vote by completing and mailing the proxy authorization form and proxy ballot which must be received by the independent tabulator no later than February 14, 2023 or by attending the Special Meeting of Stockholders held on February 15, 2023 beginning at 9am ET at the AgSouth Operations Building on 20 East Vine Street in Statesboro, Georgia. 

Below you will find a map of the Special Meeting location and a How to Vote video to guide you on voting in-person or by mail.

How to Vote 

Frequently Asked Questions

How will this affect my loan and the loan process? 

The ability to access your loan or future loans should not be impacted as a result of the merger. We anticipate the loan process and approval time would remain relatively consistent.

Will there be changes in who I work with at my branch?

We don't anticipate changes to branch lending staff as a result of the merger. The Board is dedicated to ensuring members continue to receive relationship lending with personalized service from local, friendly experts with local loan decisions and delivery of financial services. We anticipate the loan process and approval time would remain relatively consistent.

Will I be able to vote on the merger?

All eligible stockholders of both Associations will be able to vote by mail ballot and in person. Information with specifics on the process will be mailed out to stockholders prior to the vote.

How will this affect patronage?

As a cooperative, the combined Association will continue to return profits to our stockholders as determined by the combined Board of Directors each year.