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Posted February 18, 2009 | Copyright © The Northern Virginia Daily
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Valley Farm Credit acquired in merger
WINCHESTER -- Valley Farm Credit has completed its merger with MidAtlantic Farm Credit, creating one of the largest rural lending organizations on the East Coast.
The merger, which was approved by both companies' stockholders in late November, became effective Jan. 1. The new company is known as MidAtlantic Farm Credit, with combined assets of more than $2 billion.
"This merger increases the commodity and geographic diversity of our loan portfolio," MidAtlantic CEO Bob Frazee says in a press release. "Plus we now have more capacity to serve even a broader territory."
MidAtlantic Farm Credit's new service area covers 46 counties in Delaware, Maryland, Pennsylvania, Virginia and West Virginia.
"As a cooperative, we are owned by our customers, and they stand to benefit when we grow stronger," Frazee says. "Customers can still expect the same great products and services from a friendly and knowledgeable staff. That is what we are known for."
Valley Farm Credit, whose portfolio included farm financing, crop insurance and home loans through Country Home Mortgage, had offices in Winchester, Woodstock and Front Royal in Virginia, and Martinsburg, Berkeley Springs and Charles Town in West Virginia.
MidAtlantic Farm Credit is part of the nationwide Farm Credit System, a network of rural financing cooperatives with more than 460,000 borrowers and assets of over $135 billion.
-- Daily Staff Report
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