MaxYield Cooperative’s Members Approve Merger with NEW Cooperative, Inc.7/2/2021
MaxYield Cooperative’s Members Approve Merger with NEW Cooperative, Inc.
(WEST BEND, IA) – The members of MaxYield Cooperative, headquartered in West Bend, Iowa, have approved the merger proposal with Fort Dodge, Iowa-based NEW Cooperative, Inc. The merger will become effective August 1, 2021.
“We are pleased to report the MaxYield membership has voted in favor of this merger,” stated MaxYield board chairman Howard Haas. “Thank you to our members for taking time to attend meetings, looking over materials and evaluating the merger proposal. We look forward to being a part of NEW Cooperative and look forward to the opportunities that will bring our members, clients and team members.”
“We welcome the members and employees of MaxYield to NEW Cooperative,” stated Dan Dix, General Manager of NEW Cooperative, who resides near Humboldt. “We thank the MaxYield membership for the support and confidence placed in NEW Cooperative by voting in favor of this merger and we also thank the staff of MaxYield for all of the work done during the merger study. I look forward to leveraging the value that this merger brings to the combined memberships and employees of both organizations.”
MaxYield’s membership vote met Iowa’s state voting requirement for a successful cooperative merger. To approve a merger, Iowa law requires at least 50 percent (plus one) of MaxYield’s Class A membership to vote, with at least two-thirds of those casting ballots voting in favor of the merger. The ballot counting committee consisted of two MaxYield board members, two MaxYield Class A voting members and two representatives of the auditing firm Meriwether Wilson & Co PLLC.
“It’s exciting for me to see the members of MaxYield approve this merger in an effort to continue evolving, positioning for and maintaining a strong cooperative presence across the current MaxYield trade area,” said MaxYield CEO Keith Heim. “I too thank MaxYield’s members for evaluating this merger proposal and casting their vote on this important cooperative decision.”
Heim also went on to say that, “I appreciate and thank all MaxYield team members for their efforts and their willingness to be open-minded throughout this merger process. The transition process to an effective August 1st merger date is well underway and will continue throughout July and beyond.”
“The board would also like to thank MaxYield’s team members for their patience and support the last six months as we evaluated this merger. We also appreciate the efforts of CEO Keith Heim and MaxYield’s leadership team during this process,” Haas said. “I am also pleased to report that Keith [Heim] will stay on as MaxYield’s CEO during the month of July as we complete our fiscal year and to help with what we expect to be a seamless transition to NEW Cooperative.”
NEW’s board of directors will expand to a total of 15, with the addition of three directors to be appointed by the MaxYield board of directors.
More information about both cooperatives can be found at www.maxyieldcoop.com and www.newcoop.com.