February 29, 2012

Merger approved

By Michael Johnson, Editor

With a vote of 61-1 it was clear the voting members of Falkirk Farmers Elevator, Hazen Elevator and CHS/Garrison Farmers Union Elevator agreed that a merger was in their best interest. The Falkirk Farmers Elevator board of directors presented information on the merger Thursday night and it was followed by the nearly unanimous vote. Twenty-two voting members of Falkirk Farmers Elevator were present to hear the presentation. Board member Justin Retterath said the decision to merge was a proactive move, which made sense financially for the group. CHS director of business development Mike Johnston described that through CHS, patrons 70 and over are eligible for equity redemption or payout to estates. The merger included a merger of assets and liabilities with a subsidiary of CHS. Once merged the equity was to exchange dollar for dollar with CHS equity. Members were told they they would have access to the full range of CHS resources including business planning, marketing, agronomy services, accounting, insurance, finances and loss control. The merger meant that a nine -member board would be put into place for the merged CHS entity. There is  currently a seven member board. One board member will be chosen from each side of the river to be on the board, from the Falkrik side and the Hazen side.

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