UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 4, 2015
FEDERAL AGRICULTURAL MORTGAGE CORPORATION
(Exact name of registrant as specified in its charter)
|
| | | | |
Federally chartered instrumentality of the United States | | 001-14951 | | 52-1578738 |
(State or Other Jurisdiction of Incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
| | | | |
1999 K Street, N.W., 4th Floor, Washington D.C. | | 20006 |
(Address of Principal Executive Offices) | | (Zip Code) |
Registrant’s telephone number, including area code (202) 872-7700
No change
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)
Item 7.01. Regulation FD Disclosure.
On March 4, 2015, the Federal Agricultural Mortgage Corporation (“Farmer Mac”) issued a joint press release with Conterra Asset Management (“Conterra”) to announce the recent formation of an appraisal operating subsidiary, Contour Valuation Services, as part of a joint venture between Farmer Mac and Conterra. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99 and is incorporated herein by reference. All references to www.farmermac.com, www.contourvs.com, and www.conterraag.com in Exhibit 99 are inactive textual references only and the information contained on these websites is not incorporated by reference into this Current Report on Form 8-K.
The information furnished in this Item 7.01, including Exhibit 99, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor will any of such information or Exhibit be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99 Press release, dated March 4, 2015
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FEDERAL AGRICULTURAL MORTGAGE CORPORATION
By: /s/ Stephen P. Mullery
Name: Stephen P. Mullery
Title: Senior Vice President – General Counsel
Dated: March 4, 2015
Farmer Mac and Conterra Launch Joint Venture Offering
Agriculture Appraisal Services Nationwide; Names Newly Appointed President
WASHINGTON and WEST DES MOINES, Iowa – March 4, 2015 – Federal Agricultural Mortgage Corporation (Farmer Mac, NYSE: AGM and AGM.A) and Conterra Asset Management (Conterra) today announced the recent launch of its joint venture, Contour Valuation Services (Contour), providing fee appraisal services to agricultural lenders and land owners throughout the United States. The companies have engaged Alan Schuiteman as its president, responsible for overseeing the management and operations teams. Schuiteman is a well-respected appraisal industry veteran with over 20 years in the ag appraisal business.
Contour was created in response to feedback from Farmer Mac approved lenders seeking efficient access to appraisal services with faster turn-around times. Contour aims to improve appraisal access for agricultural lenders, particularly in geographic areas with the greatest need.
“Surveys of our lenders have consistently identified appraisal services as a seriously lacking resource in many agricultural regions throughout the country and yet it is a vital necessity when helping customers obtain loans and lock in Farmer Mac’s favorable rates,” said Tom Stenson, executive vice president and chief operating officer of Farmer Mac. “We believe offering ag appraisal services as an option to all of our lenders - no matter where they reside- is a natural extension of the valuable programs we already provide, and reaffirms our company’s steadfast commitment to serving our country’s farmers, ranchers and rural borrowers.”
Headquartered in West Des Moines, Iowa, Contour is staffed with experienced agricultural appraisers across rural America who are dedicated to providing excellent customer service combined with high-quality appraisals. Contour features online ordering and delivery of appraisal as well as GIS mapping that result in a great customer experience.
Commenting on his new role as Contour’s President, Schuiteman stated, “I am excited to be part of the Contour team to bring this important service to not only Farmer Mac and Conterra lenders but to anyone needing an ag appraisal. Our appraisal staff is highly qualified over a variety of use types across this nation, including permanent plantings, farm and ranch land as well as highly improved properties such as dairies and wineries.”
“We are delighted to collaborate with Farmer Mac to bring this much needed service to rural communities across the country,” said Paul Erickson, president and CEO of Conterra Asset Management. “This joint venture further supports Conterra’s goal of providing a full suite of products and services to agricultural lenders. Readily available, high-quality real estate appraisals are of significant importance in agricultural lending as lenders strive to meet the expectations of their customers.”
For more information on Contour and its services or to schedule an agricultural appraisal, please visit www.contourvs.com.
About Farmer Mac
Farmer Mac is the stockholder-owned company created to deliver capital and increase lender competition for the benefit of American agriculture and rural communities. Additional information about Farmer Mac is available at www.farmermac.com.
About Conterra Asset Management
Conterra Asset Management, located in West Des Moines, Iowa, is a full-service asset management firm exclusively focused on agriculture by providing loan servicing and asset management services to institutional investors and banks. Conterra has more than $1.8 billion in assets under management, consisting of USDA guaranteed loans, agricultural real estate secured loans, and distressed and illiquid agricultural credits. For more information, visit www.conterraag.com.
Media Contacts:
Megan Murray-Pelaez, mpelaez@farmermac.com, (202) 872-5689
Aleks Ridge, aleks.ridge@conterraag.com, (855) 381-3451
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