WASHINGTON, May 16, 2024
/PRNewswire/ -- The Federal Agricultural Mortgage Corporation
(Farmer Mac; NYSE: AGM and AGM.A), the nation's secondary
market provider that increases the accessibility of financing for
American agriculture and rural infrastructure, today announced that
Jeffrey L. Plagge and Kevin G. Riel have been elected as the newest
members of the company's board of directors. They replace
Dennis Brack and Everett Dobrinski on Farmer Mac's board, both of
whom chose not to stand for re–election.
Commenting on their election, Board Chair Lowell L. Junkins said, "We welcome Jeff and
Kevin to Farmer Mac's board of directors. Their experience will
complement our board's insight and dedication to our mission as we
continue to drive economic opportunity and prosperity by
strengthening and connecting rural America." Mr. Junkins added, "We
offer our sincere gratitude to Dennis and Everett for their
valuable contributions to Farmer Mac during their years of service
on our board."
Mr. Plagge brings decades of experience in banking and has
served on the boards of Northwest Financial Corporation and
Northwest Bank since September 2009
and for the Federal Home Loan Bank of Des
Moines since January 2024. He
has also served as a Managing Director and consultant for Barnes
& Co. since January 2024 and
served as the President and CEO of Northwest Financial Corporation
from 2009 to 2020. In September 2019,
Mr. Plagge was appointed Iowa
Superintendent of Banking for the Iowa Division of Banking by the
state governor and served until December
2023. Mr. Plagge said, "I am honored to join the board of
directors of Farmer Mac. This company has a unique passion for its
mission and for working with banks across the country serving and
supporting rural America. I am excited to contribute my experience
and expertise to help further this important work."
Mr. Riel also has experience serving on boards of financial
institutions and brings firsthand experience of American
agriculture, having been a hop farmer for nearly four decades. He
has served as the President of Double 'R' Hop Ranches, Inc. since
January 1995, where he also served as
a manager from June 1986 to
December 1994. Mr. Riel also
currently serves on the board of directors of Yakima Chief Hops,
which he joined in 2021. He previously served on the board of
directors of CoBank, ACB (2014 to 2021) and Northwest Farm Credit
Services (2007 to 2017), including as chair of the board for part
of his tenure at both institutions. Mr. Riel said, "I am delighted
to join the board of directors of Farmer Mac, a company that shares
my passion and dedication for rural America and our agricultural
industry. As a farmer, I especially understand and appreciate the
value of the accessible credit that Farmer Mac helps provide. I
look forward to working with the other board members in guiding the
company to continue to help strengthen and connect rural
America."
Mr. Plagge joins four other board members elected each year by
holders of Class A voting common stock (NYSE: AGM.A). Mr. Riel
joins four other board members elected each year by holders of
Class B voting common stock (not listed on any exchange). Five
other 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
2024 proxy statement filed with the SEC on April 17, 2024, which is available in the
"Investors" section of Farmer Mac's website at
www.farmermac.com.
About Farmer Mac
Farmer Mac is driven by its mission to increase the
accessibility of financing for American agriculture and rural
infrastructure. As a secondary market for our nation's agricultural
and rural infrastructure credit, we provide financial solutions to
a broad spectrum of customers supporting rural America, including
agricultural lenders, agribusinesses, and rural electric
cooperatives. We are uniquely positioned to facilitate competitive
access to financing that fuels growth, innovation, and prosperity
in America's rural and agricultural communities. More information
about Farmer Mac is available on our website at
www.farmermac.com.
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SOURCE Farmer Mac