NEW CEO/PRES @ FARM CREDIT
Written by: Farm Credit News Release - Jan. 3, 2012
The Federal Farm Credit Banks Funding Corporation Board of Directors announced that Tracey McCabe will replace Jamie B. Stewart as president and chief executive officer of the Federal Farm Credit Banks Funding Corporation. As established through the organization’s succession plan, Jamie B. Stewart will retire on March 5, 2012. The Federal Farm Credit Banks Funding Corporation is part of the Farm Credit System and is responsible for issuing and marketing Farm Credit Consolidated Systemwide Debt Securities, managing investor relations and consolidating and reporting the financial results for the Farm Credit System.
McCabe resume:
McCabe was previously a Participating Managing Director with Goldman, Sachs & Co., most recently responsible for the Investment Banking Division's equity derivatives and convertible origination business and their municipal capital markets business. She also has served as Division Head in Fixed Income, Currency and Commodities for Non-Japan Asia.
Board Chair Comment:
"The Funding Corporation’s Board considered many extraordinary candidates during the search for Jamie’s replacement,” said Less Guthrie, the Federal Farm Credit Banks Funding Corporation board chair. "Tracey brings more than 25 years of experience in the financial markets and has earned a reputation as a trusted and respected leader. Equally important, she shares our appreciation for agriculture and the supporting rural infrastructure and understands the importance of a cooperative lending system focused exclusively on rural America. We are confident that Tracey will lead the Federal Farm Credit Banks Funding Corporation as it builds on its reputation as a leading participant in the capital markets.”
The Farm Credit System has consistently demonstrated strong profitability, most recently reporting assets of nearly $228 billion and net income of nearly $3 billion for the nine months ending September 30, 2011.
“We are grateful to Jamie for his leadership during the past eight years, which was particularly valuable during this time of unprecedented market turmoil. Under Jamie’s direction, the Funding Corporation and the Farm Credit System maintained a strong reputation as a dependable provider of financial services and uninterrupted market access to fulfill our mission of providing financing for U.S. agriculture and rural America,” continued Guthrie.
About the Farm Credit System
For 95 years, Farm Credit has been a national provider of credit and related services to rural America through a cooperative network of customer-owned lending institutions and specialized service organizations. Created by Congress in 1916, the Farm Credit System provides more than $170 billion in loans and leases to farmers, ranchers, rural homeowners, aquatic producers, timber harvesters, agribusinesses, and agricultural and rural utility cooperatives. Unlike commercial banks, the banks and associations are cooperatively owned by their customers, are not authorized to accept deposits, and they principally obtain their funds through the issuance of Consolidated Systemwide Debt Securities.
MORE FARM CREDIT NEWS
FARM CREDIT SYSTEM BANKS REDEEM $1.227 BILLION CONSOLIDATED SYSTEMWIDE BONDS
JERSEY CITY, NJ, January 04, 2012. As listed below, the Federal Farm Credit Banks Funding Corporation today announced the redemption of $1,227,000,000 of Federal Farm Credit Banks Consolidated Systemwide Bonds. The Bonds will be called at par.
The following Bonds will be called in whole:
CUSIP
31331J 7E7 31331J 7F4 31331J D67 31331K VG2 31331K WG1 31331K WK2 31331K XJ4 31331K XU9
PAR
$150,000,000 $170,000,000 $25,000,000 $405,000,000 $100,000,000 $192,000,000 $75,000,000 $110,000,000
COUPON
0.75% 2.37% 3.68% 1.37% 1.99% 2.36% 1.83% 1.75%
MATURITY
01/11/2013 01/11/2016 09/08/2025 11/18/2015 08/25/2017 08/28/2018 03/01/2017 03/06/2017
CALL DATE
01/11/2012 01/11/2012 01/13/2012 01/11/2012 01/11/2012 01/11/2012 01/11/2012 01/11/2012
INTEREST PAY PERIOD
07/11/2011 - 01/11/2012 07/11/2011 - 01/11/2012 09/08/2011 - 01/13/2012 11/18/2011 - 01/11/2012 08/25/2011 - 01/11/2012 08/25/2011 - 01/11/2012 09/01/2011 - 01/11/2012 09/06/2011 - 01/11/2012