Farm Credit Services of America history

Other financing institutions, which fund and discount operating loans to farmers and ranchers in accordance with the Agricultural Credits Act of 1923, obtain nonvoting stock in the federal intermediate credit banks.

The Agricultural Marketing Act of 1929 creates a new government agency, the Federal Farm Board, to make loans to agricultural cooperatives that meet the criteria of the Capper-Volstead Act.

By December, land banks are loaning more money per month than they loaned during the entire year of 1932.

Thereafter, Congress enacted the Farm Credit Act of 1933, establishing a system of production credit corporations and associations, with financing from the Federal Intermediate Credit Banks, to provide operating loans to farmers on a short-term credit basis.

By the end of 1935, land banks hold 48% of the nation’s farm mortgage debt.

The Farm Credit Act of 1937 creates a permanent cooperative governance structure for the Farm Credit System.

In the end, Wallace wins out, and President Roosevelt places FCA in the United States Department of Agriculture using authority granted to him by the Reorganization Act of 1939.

The Farmers’ Home Administration Act of 1946 transfers the FCA governor’s authority to use appropriated funds to make crop and emergency operating loans to farmers to USDA’s Farmers Home Administration.

The Farm Land Bank Association (FLBA) of Santa Rosa is founded in 1948, from a merger between NFLA of Santa Rosa, NFLA of Napa, NFLA of Marin, and NFLA of Sonoma.

FCA becomes an independent agency again under the Farm Credit Act of 1953.

Robert B. Tootell, the first governor appointed by the Federal Farm Credit Board, serves from April 1, 1954, to Feb.

The Farm Credit Act of 1955 establishes a framework to retire all government capital in the banks for cooperatives.

The Farm Credit Act of 1956 establishes a framework to retire all remaining government capital in the federal intermediate credit banks and production credit associations.

The Farm Credit Act of 1959 redesignates “national farm loan associations” as “federal land bank associations.” After Dec.

1, 1960, that apply to federal government agencies will no longer be applicable to farm credit banks and their directors, officers, and employees unless the statute explicitly states otherwise.

Edwin A. Jaenke is appointed governor and serves from March 1, 1969, to Oct.

The Farm Credit Act Amendments of 1980 expand the System’s authorities so that System lenders can now provide credit and other financial services to additional types of borrowers.

Increasing amounts of nonaccrual and other high-risk loans ($10 billion in September 1985), record losses, and increasing acquisition of property through foreclosure or liquidation severely strained the resources of the system, with individual banks and associations in danger of collapse.

Kenneth Auberger serves as acting chairman from March 29 to May 21, 1986.

Modesto PCA and Merced PCA merge to form Central Valley, PCA effective May 1, 1987.

North Coast Farm Credit Services, ACA is established through the integration of the North Coast Federal Land Bank Association (FLBA) and the North Coast Production Credit Association (PCA), effective December 31, 1988.

Intermountain Federal Land Bank Association, FLCA, charter is established September 1, 1991.

Sierra-Bay Federal Land Bank Association, FLCA charter is established, effective February 1, 1992.

The Farm Credit System Reform Act of 1996 gives Farmer Mac authority, similar to that of Fannie Mae and Freddie Mac, to buy and pool loans.

Amendment to Charter and Articles of Association add El Dorado County and a portion of Sacramento County, California to Sierra-Bay Federal Land Bank Association, FLCA effective January 1, 1997.

Farm Credit Services of Central Kansas, FLBA, becomes Farm Credit Services of Central Kansas, FLCA effective July 1, 1998.

Pacific Coast Farm Credit Services, ACA adds two subsidiaries: Pacific Coast Farm Credit Services, FLCA and PCA, and begins transferring assets between the related entities effective September 1, 1999 — intended to separate the taxable and non-taxable entities.

Sierra-Bay, FLCA and Sierra-Bay Federal Land Bank Association, PCA changes name to AgCredit of California, FLCA and AgCredit of California, PCA respectively effective January 1, 2000.

Merger with Farm Credit Services of Southern California, effective April 1, 2001.

Farm Credit Services of Central Kansas, ACA is established — with its subsidiaries Farm Credit Services of Central Kansas, FLCA and Farm Credit Services of Central Kansas, PCA, effective October 1, 2002.

United States AgBank, FCB is formed from the consolidation of Western Farm Credit Bank and Farm Credit Bank of Wichita — October 1, 2003.

In 2004, one FCS association, which does not have a patronage program to disburse surplus earnings to its members, announces its plans to terminate System status and become a subsidiary of Rabobank International.

American AgCredit is formed from the merger of AgCredit Financial, Pacific Coast Farm Credit Services and Intermountain Farm Credit, ACAs — effective January 1, 2005.

Leland A. Strom is appointed chair and chief executive officer and serves from May 22, 2008, to Nov.

Congress passes the Agriculture Improvement Act of 2018, which achieves the following: