Farmway, CVA Boards unanimously approve next step in bringing merger to a vote
After a review of the recently completed merger study, the Board of Directors of Farmway Co-op, Inc. (Farmway) and Central Valley Ag (CVA) both unanimously approved the next step in a merger of the two cooperatives. The merger proposal will now be presented to Farmway members for a vote.
"By combining two strong financially-stable cooperatives in a merger, a unified cooperative would provide the opportunity for expanded services and facilities, increased savings, and accelerated equity redemptions for the benefit of our member-owners," said Tim Porter, Farmway Board Chairman. "The Board of Directors asks for member-owner support by voting YES to the unification."
"The results of the merger study were conclusive and both Boards felt strongly in proceeding with a merger of CVA and Farmway," said Dave Beckman, Chairman of the Board for Central Valley Ag. "The study outlined benefits in terms of improved efficiencies and cost savings, which we will feel bring additional value to members of both cooperatives."
Initial merger discussions between the cooperatives began in January 2017, with the respective boards meeting in April to unanimously approve an Agreement and Plan of Merger. Farmway will host area informational meetings throughout May starting with the Farmway Annual Meeting May 4th so members can better understand the results of the recently completed merger study and ask questions regarding the proposed merger. Shortly thereafter, Farmway will hold a series of voting meetings for the Farmway membership to vote regarding the merger. Farmway voting members are highly encouraged to attend these meetings and vote.
Member Informational Meetings:
Thursday, May 4: Annual Meeting, 6:00 p.m. St. Johns High School, Beloit
Tuesday, May 9: Tipton Community Center
Wednesday, May 10: Lincoln Finch Theatre
Thursday, May 11: Clay Center United Methodist Church
Tuesday, May 16: Concordia Parish Hall
Wednesday, May 17: Scandia TBD
Thursday, May 18: Clifton American Legion
Member Voting Meetings:
Tuesday, May 23: Lincoln Finch Theatre
Wednesday, May 24: Tipton Community Center
Thursday, May 25: Clay Center United Methodist Church
Tuesday, May 30: Concordia Parish Hall
Wednesday, May 31: Clifton American Legion
Thursday, June 1: Scandia TBD
Tuesday, June 6: Beloit Municipal Building
Additional information regarding the times and locations of the meetings will be posted on the Farmway website and shared in the future.
For the merger to be finalized, Farmway members must approve by a super majority, which is defined as 66%. Voting by Farmway members will take place over the dates shared previously, and all Farmway voting members are encouraged to attend and vote.
Story source: Farmway Cooperative press release