First Cooperative Association & Pro Cooperative to Study Unification Opportunity
Sept. 21, 2017 (Cherokee & Pocahontas, IA) – The Boards of Directors for First Cooperative Association and Pro Cooperative have unanimously voted to sign a Letter of Intent (LOI), a non-binding agreement, that enables the cooperatives to study the benefits, opportunities and risks of a potential unification.
The study phase, known as due diligence, will begin shortly and is expected to be completed in December. Upon completion, the Board members will review the findings and determine if a unification would be beneficial to members and employees of both cooperatives.
The Boards of Directors met in a joint session on Sept. 21.
“After assessing different growth strategies over the past few months, we determined that this potential unification is certainly worthy of review,” stated First Cooperative Association Board President Chuck Specketer. “We look forward to learning more about the benefits for members, employees and our businesses that could result from combining forces.”
By agreeing to the LOI, the two businesses will now focus on examining the merits of combining the two cooperatives throughout the remainder of the year.
“As a Board, we are focused on how best to build a stronger future on behalf of our members,” added Pro Cooperative Board President Don McClain. “We believe that the study will identify several benefits for both cooperatives, their members and employees.”
Members are encouraged to contact their Board members with any questions throughout the process.
About First Cooperative Association
FCA is a member-owned cooperative based in Cherokee, Iowa, with 25 locations throughout northwest Iowa. FCA serves 2,900 customers with a wide range of products and services in agronomy, energy, grain and feed.
About Pro Cooperative
Based in Pocahontas, Iowa, Pro Cooperative is a member-owned cooperative with 20 locations that serve more than 1,900 farm operations in northwestern Iowa. The cooperative focuses on providing whole-farm solutions to customers in grain, agronomy, feed and energy.
First Cooperative Association
CEO Jim Carlson
CEO Kyle Kuepker