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News ReleaseFarm Credit Administration
1501 Farm Credit Drive
McLean, Virginia 22102-5090

For Immediate Release
NR-05-01 (01-13-05)
Contact: Carl Clinefelter or Christine Quinn, 703-883-4056
E-mail: info-line@fca.gov
Web site: www.fca.gov

Farm Credit Administration Receives Clean Audit Opinion for 11th Consecutive Year

McLEAN, Va., January 13, 2005 — The Farm Credit Administration (FCA) Board today received a report on the audit of the Agency’s financial statements for fiscal year 2004. The report highlights that the Agency has received an unqualified audit opinion for the eleventh year in a row. The full report is available on FCA’s Web site at www.fca.gov.

In other business, a report on corporate chartering activity and noncorporate prior approval requests was presented to the FCA Board. Under delegated authority, the acting director of the Office of Policy and Analysis granted final approval of the restructuring of AgGeorgia Farm Credit, ACA, located in Dublin, Georgia, to establish Production Credit Association and Federal Land Credit Association operating subsidiaries. The restructuring became effective January 1, 2005.

Also under delegated authority, final approval was granted to a merger of AgCredit Financial, ACA, and its subsidiaries, located in Stockton, California, into American AgCredit, ACA, and its subsidiaries, located in Santa Rosa, California. American AgCredit, ACA, is the continuing association. The merger became effective January 1, 2005.
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The Farm Credit Administration is the safety and soundness regulator of the cooperative Farm Credit System. FCA charters, regulates, and examines the 109 banks, associations, and service corporations of the System. System institutions make loans to agricultural producers and their cooperatives nationwide. Members of the FCA Board are Nancy C. Pellett, Chairman and CEO, Douglas L. “Doug” Flory, and Dallas P. Tonsager.

Note: FCA news releases are available on the Internet. Access the FCA Home Page on the World Wide Web at www.fca.gov.