FCS Financial: One Hundred Years July 2016 | Page 83

the cost of services provided by AgriBank, their wholesale provider
of money, had declined. Combined, the organization would likely
enjoy even larger volume discounts. These savings, in addition to
those resulting from shared staff, could recoup any costs related to
consolidation in less than two years. Finally, by drawing on producers
and businesses of all types, the merger would lead to improved loan
portfolio diversification and reduce the risk inherent in weatherrelated disasters during the same crop production cycle.
On July 16, 2001, the boards of directors of both entities voted
to proceed with the merger of the Eastern and Western associations.
Their next order of business was to select a new chief executive officer
which they accomplished, after extensive deliberation, the following
October when they appointed Daryl Oldvader, who was then chief
executive officer of Farm Credit Services of Western Missouri. The
consolidation was a board-driven process led by Chairmen Meredith
Kapp and Jim Zerr and supported by other board members. With
their vast experience and willingness to explore the possibilities,
they realized the two associations, if combined, could become one
exceptional association. Throughout the merger discussions and
beyond, both Meredith and Jim were responsible for keeping the lines
of communication open to all concerned.

The central office building in Jefferson City became headquarters of the newly
merged FCS of Eastern and Western Missouri associations forming Farm Credit
Services of Missouri. In 2006, Farm Credit Services of Missouri changed its name to
FCS Financial.

A Lean, Mean Lending Machine

79