Kentucky's Wilcher Named Farmer Mac Vice Chair

Federal Agricultural Mortgage Corporation, the nation's secondary market provider that increases the availability and affordability of credit for the benefit of rural America, announced that the President Biden has designated Lowell L. Junkins of Montrose, Iowa, as chair of the company's board of directors. LaJuana S. Wilcher of Bowling Green, Ky., who has served as chair of Farmer Mac's board since January 2020, has been elected by the board to serve as vice chair.

Junkins, who is a presidentially appointed board member, has served on Farmer Mac's board since 1996. He previously served as board chair from 2010 to 2020 and most recently served as vice chair since January 2020. In his role as chair, Junkins now also leads the board's corporate governance committee. He also continues to serve as a member of the board's enterprise risk committee and public policy and corporate social responsibility committee. Wilcher continues to serve as a member of the board's corporate governance committee and enterprise risk committee and has succeeded Junkins as chair of the public policy and corporate social responsibility committee.

Farmer Mac's board of directors is composed of five board members appointed by the President of the United States with the advice and consent of the United States Senate and 10 additional board members who are elected each year by stockholders. Five board members are elected by holders of Class A voting common stock, which may be owned only by financial institutions. The other five board members are elected by holders of Class B voting common stock, which may be owned only by Farm Credit System institutions (not listed on any exchange).

Farmer Mac is part of the agricultural credit markets and was created to increase access to and reduce the cost of credit for the benefit of American agricultural and rural communities. As the nation's secondary market for agricultural credit, we provide financial solutions to a broad spectrum of the agricultural community, including agricultural lenders, agribusinesses, and other institutions that can benefit from access to flexible, low-cost financing and risk management tools. Farmer Mac's customers benefit from our low cost of funds, low overhead costs, and high operational efficiency.