American AgCredit to merge with Farm Credit of the Heartland

SANTA ROSA - American AgCredit, based in Santa Rosa, has plans in the works to merge with Witchita, Kan.-based Farm Credit of the Heartland.

According to a note in American AgCredit's financial statement, issued to stockholders in April of this year, the board of directors signed a letter of intent in March to merge with Farm Credit of the Heartland.

According to the letter, the new association will be headquartered in Santa Rosa and will be called American AgCredit.

Both banks are performing due diligence, and a tentative date for the merge is set for Dec. 1 of this year.

At the end of the first quarter of 2009, total assets of American AgCredit were $3.9 billion, up from $3.3 billion at the end of the same quarter in 2008.


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