CEO Column

Mike Reynolds, CEO, Farm Credit East

YOUR PARTNER INTO THE FUTURE

This is an exciting time for your cooperative! In late November, customerstockholders overwhelmingly approved the proposed merger of Farm Credit East and Yankee Farm Credit. We thank everyone who participated in this important vote. As two financially strong cooperatives who have partnered together on programs and initiatives for many years, we look forward to combining our expertise and resources to be a stronger partner for Northeast agriculture, commercial fishing and forest products into the future.

The merged association will begin operations as Farm Credit East, ACA, on January 1, 2022. Our team has been working diligently over the past several months on our transition plan, and while we still have some work to do as we officially bring our teams together, this merger won’t impact your day-to-day interactions with our team. Your branch office remains the same. Your relationship team remains the same. However, over time we look forward to extending to our members the benefits of increased loan diversity, a stronger capital base and enhanced earnings.

As we head into the new year, we aim to expand our commitment to the industries and communities we serve. Stewardship is important to both Farm Credit East and Yankee Farm Credit, and an area we have partnered in for a number of years through Farm Credit Northeast AgEnhancement and the FarmStart program (learn more about both programs later in this issue).

This issue’s cover story discusses stewardship, often referred to in corporate governance as Environmental, Social and Governance (ESG). ESG is increasingly important to our investors, partners, team members and the association as a whole. The cover story highlights our ESG efforts, including several organizations we have supported and our team members’ involvement in community and agricultural organizations. This is an area you’ll continue to hear more on as we plan to grow our ESG efforts in 2022, especially as it relates to environmental stewardship and diversity, equity and inclusion.

Governance is another area of focus. We will welcome three of Yankee’s board members to our board in January. Their backgrounds and experience will bring additional industry knowledge and insights to Farm Credit East and our members. Additionally, three seats are up for election on the Farm Credit East Board in 2022. The nominating committee will hold their meeting in early January to advance a slate of candidates for customer consideration. Learn more about the election process on page 17 of this issue.

Finally, with our expanded team and resources, we look forward to growing our relationship with you. We continue to advance our digital journey. In 2021, we launched an improved online banking platform, allowing you more access to manage your loans and the option to receive billing statements electronically. We are also implementing tools and processes on our end to provide our team more time to spend with you discussing your business needs and goals. We plan to roll out additional tools over the next several years to further enhance your experience doing business with us. Customer relationships remain the driver of our digital strategy and these various tools aim to enhance those relationships.

And, of course, at the core of this strategy is the security of your information. We continue to see an uptick in cyber threats and scams, but we have the safeguards in place, including extensive staff training, to ensure your information remains secure. This will continue to be an area of highest priority.

In closing, I hope you are all as excited for the year ahead as we are. I look forward to welcoming Yankee Farm Credit staff and customers as part of the Farm Credit East family the first of the year. This is an exciting milestone to ensure we have the capacity to remain your trusted financial partner into the future.

Wishing all a happy and healthy holiday season. We look forward to growing our relationship into 2022.