Farm Credit Administration
1501 Farm Credit Drive
McLean, Virginia 22102-5090
For Immediate Release
Contact: Martha Schober or Christine Quinn, 703-883-4056
Web site: www.fca.gov
FCA Board Approves FCS Association Request to Convert Charter
McLEAN, Va., June 8, 2006 — The Farm Credit Administration (FCA or Agency) Board today approved an application to reorganize submitted by the Texas Land Bank, FLCA. The Board’s action will allow the Federal Land Credit Association to convert its charter to that of an Agricultural Credit Association with Production Credit Association and FLCA subsidiaries. The new association will be known as the Texas Land Bank, ACA.
In other business, the FCA Board received a report on the recently initiated three-year Syndication and Assignment Study. The study will review how FCS lenders can work with commercial banks and other agricultural lenders to provide credit to agricultural producers and their cooperatives.
The Board also received a quarterly report on operations of the FCS Building Association, which manages facilities to house FCA’s headquarters and field offices.
Since the May 11 FCA Board meeting, three notational votes were taken approving requests for mission-related investments. Notational votes are actions taken by the FCA Board between Board meetings.
On May 17, the Board authorized AgCountry Farm Credit Services, ACA to make investments in agriculture and rural community bonds under a pilot investment program.
On May 19, the Board authorized AgStar Financial Services, ACA to invest in agriculture and rural community bonds under a pilot investment program.
On June 2, the Board authorized CoBank, ACB and Farm Credit Leasing Services Corporation to form a limited liability partnership for the sole purpose of investing $500,000 in an entity that will fund investments in startup farming operations and starter cooperatives.
The Farm Credit Administration is the safety and soundness regulator of the cooperative Farm Credit System. FCA charters, regulates, and examines the 109 banks, associations, and service corporations of the System. System institutions make loans to agricultural producers and their cooperatives nationwide. Members of the FCA Board are Nancy C. Pellett, Chairman and CEO, Douglas L. “Doug” Flory, and Dallas P. Tonsager.
Note: FCA news releases are available on the Internet. Access the FCA Home Page at www.fca.gov.