Credit associations merge
Posted: Monday, July 2, 2012 9:02 pm
Jackson Purchase ACA and Chattanooga AgCredit have become River Valley AgCredit as part of a merger between the two associations.
The merger was approved by the stockholders of each association at a special stockholder’s meeting that took place on May 18, which paved the way for the U.S. Farm Credit Administration to grant final approval in June.
Jackson Purchase ACA includes eight service centers that cover the eight Kentucky counties in the Purchase Area including Carlisle, Hickman, Fulton, Ballard, Calloway, Marshall, Graves and McCracken counties.
Chattanooga AgCredit has six service centers that serve 12 Tennessee counties including Marion, Sequatchie, Bledsoe, Hamilton, Rhea, Roane, Melgs, Bradley, McMinn, Loudon, Polk and Monroe.
The merger offers risk mitigation through diversification which increases economic capital and the ability to offer continued competitive rates. No offices will be closed as part of the merger.
The new association will be led by Jackson Purchase ACA CEO Stan Brunston. Gary Keith, Chattanooga AgCredit CEO, will be the new association’s chief operating officer.
River Valley AgCredit will remain a member-owned cooperative and part of the nationwide Farm Credit System, providing financing for agriculture and rural living since 1917.