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FARMER MAC CLASS C (NON-VOTING) COMMON STOCK AVAILABLE FOR UNRESTRICTED TRADING AND OWNERSHIP

 WASHINGTON, Nov. 22 /PRNewswire/ -- The Federal Agricultural Mortgage Corporation (Farmer Mac), announced today that effective Nov. 23, 1993, the Class C Non-Voting Common Stock of the corporation will become separately transferable and available for purchase by investors generally without ownership restrictions.
 Farmer Mac, a federally chartered, privately owned corporation referred to as a "government sponsored enterprise," provides a secondary market for agricultural and rural housing mortgage loans. The initial capitalization of Farmer Mac in November 1988 involved the public issuance of common stock "Units," each consisting of one share of Class A or Class B Voting Common Stock and one share of Class C Non- Voting Common Stock. Ownership of the Class A Common Stock Units is restricted to banks, other financial entities and insurance companies that are not institutions of the Farm Credit System; ownership of Class B Common Stock Units is restricted to Farm Credit System institutions.
 Under the terms of the initial 1988 public offering, the voting common stock and the non-voting common stock included in each unit become separately transferable on Nov. 23, 1993. Beginning on Nov. 23, Farmer Mac Class C Non-Voting Common Stock may be purchased and held by any investor without restriction and freely transferred to any other investor. Also, beginning on that same date, Farmer Mac Class A and Class B Voting Common Stock may be transferred separately but will continue to have the same restrictions on ownership and transfer as the respective Class A and Class B Units had prior to that date.
 As of Nov. 23, 1993, Farmer Mac Class A and Class C Common Stock will be separately quoted on the NASDAQ Stock Market (Small-Caps) under the symbols "FAMCA" and "FAMCK," respectively. Farmer Mac Class B common stock is not quoted on any exchange.
 Farmer Mac was created by the Agricultural Credit Act of 1987 to provide greater liquidity and lending capacity to agricultural lenders and to assure a stable supply of credit at competitive interest rates to American farmers, ranchers and rural home buyers. The Farmer Mac I program operates through certified poolers that issue guaranteed securities backed by pools of qualified agricultural real estate and rural housing mortgage loans. The Farmer Mac II program, created in the 1990 Farm Bill, provides lenders and subsequent holders of guaranteed portions of Farmers Home Administration guaranteed loans the opportunity to sell them directly to Farmer Mac.
 Required minimum levels of ownership of Class A and Class B Voting Common Stock are necessary for participation in the Farmer Mac I program. Ownership of Class C Non-Voting Common Stock does not entitle the holder to participate in any Farmer Mac program.
 -0- 11/22/93
 /CONTACT: Thomas R. Clark of Farmer Mac, 202-872-7700/


CO: Farmer Mac ST: District of Columbia IN: AGR FIN SU:

KD-DC -- DC019 -- 6934 11/22/93 16:03 EST
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Publication:PR Newswire
Date:Nov 22, 1993
Words:471
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