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Article: Farm Credit System banks purchase $60 million of Farmer Mac stock.(Newsline: Co-op developments, coast to coast)
- Article from:
- Rural Cooperatives
- Article date:
- November 1, 2008
CopyrightCOPYRIGHT 2008 U.S. Department of Agriculture, Rural Business - Cooperative Service. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Farm Credit System in October announced it was making a $60 million investment in the Federal Agricultural Mortgage Corporation (Farmer Mac), which provides a secondary market for agricultural real estate loans, rural home mortgages and rural utility loans. Buying the senior cumulative perpetual preferred stock of Farmer Mac are: AgFirst FCB, AgriBank FCB, CoBank ACB, Farm Credit Bank of Texas and U.S. AgBank.
An additional $5 million of Farmer Mac senior cumulative perpetual preferred stock has been purchased by Zions Bancorporation of Salt Lake City.
The $65 million in total financing will enable Farmer Mac to strengthen its capital position and ...