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From: lewis.perdue@wineindustryinsight.com

Subject: Santa Rosa-Based American AgCredit To Merge With Kansas Farm Bank

Date: 2009-06-29 23:13:36

To: Emailing List Subscriber
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EMAIL EDITION - VOLUME I, NUMBER 101 - June 29, 2009

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Santa Rosa-Based American AgCredit To Merge With Kansas Farm Bank

Santa Rosa, Calif.-based American AgCredit is acquiring Farm Credit of the Heartland based in Wichita, Kansas, in a merger process scheduled for completion by Dec. 1. (Redacted. VIP subscriber content)

ameragcredit1

VIP Subscribers click here to read the complete, un-redacted article.

MERGER SPARKED BY EFFICIENCY, NOT URGENCY

Two senior executives at commercial banks who examined a spreadsheet comparing the financials of both banks [$VIP] agreed that the merger seemed to be one motivated by a quest for efficiency, rather than the urgency of a strong bank acquiring a shaky one.

(Redacted. VIP subscriber content)

CARLI INSISTS CUSTOMERS WILL SEE FEW CHANGES

(Redacted. VIP subscriber content)

Farm Credit of the Heartland is, itself, the result of a Dec. 31, 2008 merger [$VIP] of Farm Credit Services of Central Kansas and the Federal Land Bank Association of Ponca City (Oklahoma).

HEARTLAND SMALLER, HAS MORE PROBLEMS THAN AMERICAN AGCREDIT

A senior banking and lending consultant who went over the spreadsheet comparing both banks saw weaknesses in Kansas. “Heartland looks like its having some significant problem loan issues,” the consultant said. “I see high non-accrual and high interest receivable balances. Their provision for loan losses is way up.”
[Redacted. VIP subscriber content]


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