Central FL, SW Georgia Farm Credit Groups to Merge

USAgNet - 12/10/2024

Farm Credit of Central Florida and Southwest Georgia Farm Credit are pleased to announce the board of directors of both associations have unanimously agreed to pursue a merger of the two organizations by signing a letter of intent to merge.

"Farm Credit of Central Florida and Southwest Georgia Farm Credit are both successful, financially strong associations who have partnered together for many years to jointly finance customers, serve rural home markets and collaborate with operational functions." said Randy Larson, Chair of Farm Credit of Central Florida's Board of Directors. By joining our associations, we can be better positioned to strategically address marketplace changes and provide even greater value for our customer-members."

Over the next several months, both associations will undertake due diligence to assess merger benefits for stockholders and finalize merger agreement terms. No office closures are anticipated as part of this merger. Customers can expect the same personalized service from their account teams with the merged association.

"This is a strategic move for both cooperatives," said Jim Dixon, Chair of Southwest Georgia Farm Credit's Board of Directors. "We share a common customer-focused culture and are deeply committed to improving the lives of our customer-members, employees and the communities we serve. Together we can enhance our services while continuing to be a trusted source of financing and related services for agriculture and the rural communities we serve."

Following review and approval by the associations' regulator, the Farm Credit Administration, the merger proposal will be presented to customer-stockholders of both associations for their approval in the fall of 2025. If stockholders approve the merger, the merged association is expected to begin operations January 1, 2026, under the leadership of Farm Credit of Central Florida President and CEO Reggie Holt with Southwest Georgia's CEO, Paxton Poitevint, serving as Chief Operating Officer.

Headquarters will be in Lakeland, FL, with four branches in Florida and six branches in Georgia. The associations will decide on a name that best fits the organization and its Farm Credit roots.

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