WASHINGTON, April 5, 2012 /PRNewswire/ -- The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A) today announced that former Iowa Governor Chester J. Culver of West Des Moines, Iowa and Dr. Bruce J. Sherrick of Champaign, Illinois were sworn in as members of the Board of Directors of Farmer Mac this week after confirmation by the U.S. Senate last week.
Gov. Culver and Dr. Sherrick, who were nominated by President Obama prior to their confirmation and swearing-in, join Lowell Junkins (Chairman), Sara Faivre-Davis, and Myles Watts as members of Farmer Mac's Board who have been appointed by the President of the United States. Gov. Culver replaces Julia Bartling, and Dr. Sherrick replaces Glen Klippenstein, former Vice Chairman, on Farmer Mac's Board of Directors. At its regularly scheduled meeting today, the Board elected Dr. Watts as its new Vice Chairman.
Gov. Culver stated, "I am optimistic about the limitless potential rural America has to both feed the world and help secure this country's energy future. I am deeply committed to providing a stable financial backbone for rural America, and I am grateful for the opportunity to serve on Farmer Mac's Board of Directors." Dr. Sherrick stated, "I believe that the importance of stable and reliable access to credit in rural America cannot be understated. I am looking forward to serving as a member of Farmer Mac's Board and working within the Corporation to continue to bring these capital and risk management tools to rural America."
Chairman Junkins said, "On behalf of Farmer Mac, I would like to extend a warm welcome to the new members of the Board of Directors. Farmer Mac is uniquely positioned to offer solutions to rural lenders that bring added credit opportunities for farmers, ranchers, and rural businesses, including rural utility cooperatives. Our two new directors will bring valuable skills that will enhance the expertise of Farmer Mac's Board as we strive to fulfill our Congressional mission. We look forward to working with the new directors to further this mission and in so doing help to ensure the continued growth and prosperity of rural America."