WASHINGTON, May 20, 2022
/PRNewswire/ -- The 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, announced today that
former Iowa Governor Chester J. Culver, of West Des Moines, Iowa, was confirmed by
the United States Senate to serve
on the company's board of directors on May
18, 2022. Mr. Culver was nominated for the position by
President Biden. He replaces Myles J.
Watts of Bozeman, Montana
on Farmer Mac's board. Mr. Culver rejoins the company's board after
serving as an appointee by President Obama from 2012 until
2019.
Mr. Culver served as the fortieth governor of Iowa from 2006 until 2010, and through his
career, he has demonstrated a keen interest in and deep-seated
knowledge of politics, agriculture, education, and advocacy. He
began his career as an environmental and consumer advocate in the
Iowa Attorney General's Office and
proceeded to teach government and history in Des Moines, Iowa. In 1998, he was elected
Iowa's Secretary of State, and
went on to serve two terms in that role prior to being elected to
serve as governor of Iowa. As
governor, he served the National Governors Association as Chairman
of both the Governors Wind Energy Coalition and the Governors
Biofuels Coalition. He is a graduate of the Virginia Polytechnic Institute and State University
and received a Master of Arts in teaching at Drake University.
Commenting on Mr. Culver's appointment, Board Chair Lowell Junkins said, "Chet's passion for and
understanding of American agriculture was a valued part of his
presence on Farmer Mac's board for seven years, and will continue
to serve him, and our company, well in the future. He has
demonstrated a lifetime of interest in topics that are of vital
interest to Farmer Mac, especially our latest efforts in rural
infrastructure." Chair Junkins continued, "We also offer our
sincere gratitude to Myles for his significant contributions and
dedication to Farmer Mac during his twelve years of service on the
board."
"It is an honor and a privilege to once again serve on Farmer
Mac's board," said Mr. Culver. "The company has shown a newfound
interest in the renewable energy sector and projects that can bring
power and infrastructure to the rural communities that need it
most. Rural communities are the backbone of America, and Farmer Mac
plays an important role in nurturing and supporting its
agricultural lenders and their farm and ranch borrowers. I look
forward to working with the other board members in guiding the
company in its vital mission of providing rural America with access
to affordable credit."
Mr. Culver joins four other board members appointed by the
President of the United States
with the advice and consent of the United
States Senate. Ten additional board members are elected each
year by stockholders—five by holders of Class A Voting Common Stock
that may be owned only by financial institutions (NYSE: AGM.A), and
five by holders of Class B voting common stock that may be owned
only by Farm Credit System institutions (not listed on any
exchange).
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 credit 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. More
information about Farmer Mac is available on Farmer Mac's website
at www.farmermac.com.
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SOURCE Farmer Mac