We are pleased to report that the members of United Farmers’ Cooperative, headquartered in Red Oak, Iowa, have approved the merger proposal with NEW Cooperative, Inc. The merger will become effective September 1, 2023.
UFC’s membership vote met Iowa’s state voting requirement for a successful cooperative merger. To approve the merger, Iowa law requires at least 50 percent (plus one) of UFC’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 UFC’s nominating committee, and two representatives of the auditing firm, Meriwether Wilson & Co PLLC.
We look forward to welcoming the members and employees of UFC to NEW Cooperative and wish to thank the UFC membership for their support and confidence placed in NEW Cooperative by voting in favor of this merger. NEW also thanks the staffs of UFC and NEW for all of the work done during the merger study process. NEW Cooperative looks forward to leveraging the value of our two combined memberships and employee teams.
NEW’s Board of Directors will expand to a total of 15, with the addition of two directors and one associate board member to be appointed by the UFC Board.