Jersey City, NJ (PRWEB) January 03, 2012
The Federal Farm Credit Banks Funding Corporation (http://www.farmcredit-ffcb.com) Board of Directors announced that Tracey McCabe will replace Jamie B. Stewart as president and chief executive officer of the Federal Farm Credit Banks Funding Corporation. As established through the organization’s succession plan, Jamie B. Stewart will retire on March 5, 2012. The Federal Farm Credit Banks Funding Corporation is part of the Farm Credit System (http://www.farmcredit.com) and is responsible for issuing and marketing Farm Credit Consolidated Systemwide Debt Securities, managing investor relations and consolidating and reporting the financial results for the Farm Credit System.
McCabe was previously a Participating Managing Director with Goldman, Sachs & Co., most recently responsible for the Investment Banking Division's equity derivatives and convertible origination business and their municipal capital markets business. She also has served as Division Head in Fixed Income, Currency and Commodities for Non-Japan Asia.
"The Funding Corporation’s Board considered many extraordinary candidates during the search for Jamie’s replacement,” said Less Guthrie, the Federal Farm Credit Banks Funding Corporation board chair. "Tracey brings more than 25 years of experience in the financial markets and has earned a reputation as a trusted and respected leader. Equally important, she shares our appreciation for agriculture and the supporting rural infrastructure and understands the importance of a cooperative lending system focused exclusively on rural America. We are confident that Tracey will lead the Federal Farm Credit Banks Funding Corporation as it builds on its reputation as a leading participant in the capital markets.”
The Farm Credit System has consistently demonstrated strong profitability, most recently reporting assets of nearly $228 billion and net income of nearly $3 billion for the nine months ending September 30, 2011.
“We are grateful to Jamie for his leadership during the past eight years, which was particularly valuable during this time of unprecedented market turmoil. Under Jamie’s direction, the Funding Corporation and the Farm Credit System maintained a strong reputation as a dependable provider of financial services and uninterrupted market access to fulfill our mission of providing financing for U.S. agriculture and rural America,” continued Guthrie.
About the Farm Credit System
For 95 years, Farm Credit has been a national provider of credit and related services to rural America through a cooperative network of customer-owned lending institutions and specialized service organizations. Created by Congress in 1916, the Farm Credit System provides more than $170 billion in loans and leases to farmers, ranchers, rural homeowners, aquatic producers, timber harvesters, agribusinesses, and agricultural and rural utility cooperatives. Unlike commercial banks, the banks and associations are cooperatively owned by their customers, are not authorized to accept deposits, and they principally obtain their funds through the issuance of Consolidated Systemwide Debt Securities. For more information about the Farm Credit System, please visit http://www.farmcredit.com.
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