|Effective January 1, 2001, FCA chartered a new Federal Land Bank Association, which consolidated with First South Production Credit Association to form First South Agricultural Credit Association. As shown above under territory, the ACA has a bifurcated charter. |
Effective January 1, 2002, First South ACA was restructured and became the parent entity to First South Farm Credit, FLCA and First South Farm Credit, PCA. The ACA also changed its name to First South Farm Credit, ACA. All three associations are subject to FCA Conditions of Approval, also effective January 1, 2002. Pursuant to FCA's Conditions of Approval, FCA will treat the ACA and its subsidiary associations on a consolidated basis for regulatory purposes as the FCA deems appropriate.
Effective January 4, 2010, pursuant to the authority under sections 5.17 and 7.7 of the Farm Credit Act of 1971, as amended (Act), FCA amended the charters of First South Farm Credit, ACA and its FLCA subsidiary authorizing them to provide long-term lending within the states of Alabama, Mississippi, and all of Louisiana with the exception of the parishes of Bienville, Bossier, Caddo, Claiborne, De Soto, Jackson, Lincoln, Red River, Union, and Webster, and that part of Ouachita Parish west of Ouachita River. FCA also deleted Marion County, Tennessee from the ACA charter and the charters of its PCA and FLCA subsidiaries. The associations remain subject to Conditions of Approval that took effect January 1, 2002. Pursuant to FCA's Conditions of Approval, FCA treats the ACA and its subsidiary associations on a consolidated basis for regulatory purposes as the FCA deems appropriate.