Coleman Calls for Hearings on Foreign Bank Effort to Buy Farm Credit Services of America

COLEMAN CALLS FOR HEARINGS ON FOREIGN BANK EFFORT TO BUY FARM CREDIT SERVICES OF AMERICA MN Senator Concerned About Commitment to Rural Communities, Farm Families, Potential Unfair Competition



September 9th, 2004 - Washington, DC - Minnesota Senator Norm Coleman called on the Farm Credit Administration (FCA) to hold hearings on the proposed buy-out of Farm Credit Services of America (FCSA) by foreign-owned Rabobank International, a Netherlands based bank. The hearings would be held to determine whether FCA should approve or reject the proposed buy-out. "We need to make certain that the interests of impacted rural communities and farmers and ranchers are protected, and that the concerns of other lenders, both Farm Credit System lenders and bankers, are fully explored and addressed," said Coleman. "We need to know all the details of this proposed buy-out and its consequences for rural communities and farmers and ranchers before any decision is made by the Farm Credit Administration." On July 30, the FCSA announced its proposed acquisition by Rabobank. FCSA is the largest provider of credit and insurance products to farmers and ranchers, the agricultural processing industry, and rural residents in four states. "I remember the Farm Credit Crisis of the 1980's," said Coleman. "It is critically important that we make sure that rural communities and farmers and ranchers have the lending opportunities needed not only to thrive in good times but to weather the bad times as well."