WASHINGTON, May 12, 2020 /PRNewswire/ -- Federal
Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and
AGM.A), the nation's secondary market provider that increases the
availability and affordability of credit for the benefit of rural
America, today announced that Amy H.
Gales and W. David Hemingway
have been elected as the newest members of the company's board of
directors. They replace Thomas W.
Hill and Clark B. Maxwell on
Farmer Mac's board, both of whom chose not to stand for
re‑election.
"We welcome Amy and David to Farmer Mac's board of directors.
Their service will complement our other board members' experience
and insight as we respond to the challenges of COVID-19 from a
position of financial strength while remaining focused on our
important mission of supporting farmers, ranchers and rural
communities," said LaJuana S.
Wilcher, Farmer Mac's Board Chair. "We also offer our
sincere gratitude to Tom and Clark for their significant
contributions to Farmer Mac during their many years of service on
the board."
Ms. Gales brings significant business experience in the
agricultural finance and banking industries from a career that
spanned nearly four decades. She most recently served as an
Executive Vice President and member of the management executive
committee of CoBank, ACB and previously held leadership positions
at two commercial banks. Ms. Gales was raised on a family farm in
Southern Minnesota and led a
diversified grain marketing and farm supply cooperative from 1997
to 1999. Ms. Gales has also served on several boards during her
career, including Farm Credit Leasing and the Food Bank of the
Rockies. Commenting on her appointment, Ms. Gales stated, "I am
thankful for the opportunity to serve on Farmer Mac's board during
a time when its mission to serve farmers, ranchers, and rural
America is especially important."
Mr. Hemingway spent his entire 42-year career in banking at
Zions Bancorporation and its affiliates, where he focused on
investments, capital markets, and public finance and served as an
executive officer from 1984 to 2015. Mr. Hemingway also has
significant experience serving as a board member for other
institutions with a national scope, including previously serving as
a member of Farmer Mac's board from 1996 to 2004. He served on the
board of directors of the Federal Home Loan Bank of Seattle during that same time period and also
previously served as Chairman of the Utah Bankers Association. Mr.
Hemingway added, "It's a privilege to rejoin Farmer Mac's board. I
have always appreciated the importance of the company's mission and
am pleased to see the company performing so well as it has
increased its focus on mission fulfillment through the years."
Mr. Hemingway joins four other board members elected each year
by holders of Class A voting common stock (NYSE: AGM.A), and Ms.
Gales joins four other board members elected each year by holders
of Class B voting common stock (not listed on any exchange). An
additional five board members are appointed by the President of
the United States with the advice
and consent of the United States
Senate.
More information about both newly elected directors and the
other members of Farmer Mac's board is included in Farmer Mac's
2020 proxy statement filed with the SEC on April 6, 2020, which is available in the
"Investors" section of Farmer Mac's website at
www.farmermac.com.
About Farmer Mac
Farmer Mac is a vital part of the agricultural credit markets
and was created to increase access to and reduce the cost of
capital for the benefit of American agricultural and rural
communities. As the nation's secondary market for agricultural
credit, we provide financial solutions to a broad spectrum of the
agricultural community, including agricultural lenders,
agribusinesses, and other institutions that can benefit from access
to flexible, low-cost financing and risk management tools. Farmer
Mac's customers benefit from our low cost of funds, low overhead
costs, and high operational efficiency. Additional information
about Farmer Mac is available on Farmer Mac's website at
www.farmermac.com.
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SOURCE Farmer Mac