FCA and Alceco Boards Vote to Pursue Merger
April 15, 2021 11:09am
The boards of directors of First Cooperative Association of Cherokee and Alceco of Albert City voted unanimously to move forward to the next phase of a proposed merger of the two cooperatives.
The decision was reached during a joint meeting of the boards on Wednesday.
“The farmer members who make up the Alceco and FCA boards agreed that the benefits of a new, combined organization retaining local management and local board representation is the best path forward to support the continued success of our cooperative to benefit our members, our employees and the communities we serve here in northwest Iowa,” said Jim Franzmeier, board chair for Alceco.
Last December, the combined boards voted to undertake a study to determine if a merger offered increased opportunities for the future of both organizations. Upon reviewing the study results, both boards voted to continue with the due diligence, which culminated with the boards decision to merge, followed by a membership vote.
“This is a merger of equals,” stated Charles Specketer, board president of FCA. “By joining together, we will become the leading cooperative in northwest Iowa, which provides significant advantages to our members. This merger will also enable enhanced benefits for employees, expand employee growth and development, and help recruit and retain the best and brightest team right here in our area.”
Members will receive information describing the voting process via mail. A final decision on the merger is anticipated by the end of this June.
The boards named Troy Upah, current Alceco Chief Executive Officer, as the CEO of the combined organization. Merle Lyons was appointed as Chief Operating Officer, focusing on the 32 grain and agronomy facilities.
While the legal entity will be in Cherokee, the combined organization will maintain home offices in both Cherokee and Albert City in consideration of office space requirements and employee locations.
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