FBL Financial Group Completes Acquisition of Kansas Farm Bureau Life.Business Editors WEST DES MOINES West Des Moines (də moin`), city (1990 pop. 31,702), Polk co., S central Iowa, a growing suburb W of Des Moines; inc. 1893 as Valley Junction, renamed 1938. Products manufactured there include cement, metal items, and pumps. , Iowa--(BUSINESS WIRE)--Jan. 3, 2001 FBL FBL Full Bell Lines (coin grading) FBL Fly by Light FBL FIATA Bill of Lading FBL Functional Baseline FBL Foundation for a Better Life FBL Federal Barge Lines, Inc. Financial Group, Inc. (NYSE NYSE See: New York Stock Exchange : FFG FFG Forschungsförderungsgesellschaft (German: Austrian research promotion agency) FFG Flash Flood Guidance FFG Guided Missile Frigate FFG Fall from Grace (band) FFG Fast Frigates FFG Freeware Flight Group ) today announced the completion of its acquisition of Kansas Farm Bureau Life Insurance Company. All required regulatory approvals have been received. Effective January 1, 2001, the assets and liabilities of Kansas Farm Bureau Life were transferred to FBL's subsidiary, Farm Bureau Life Insurance Company. "Kansas Farm Bureau Life's consolidation with Farm Bureau Life has proceeded very smoothly due to the careful planning and execution efforts of the companies' transition teams," said Bill Oddy, Chief Executive Officer of FBL Financial Group. "We are very pleased to now be operating in the state of Kansas as Farm Bureau Life Insurance Company. We are also very pleased with the prompt attention given this transaction by all of the involved regulators." Revised Terms of Transaction. Under the terms of the agreement, The Kansas Farm Bureau, sole shareholder of Kansas Farm Bureau Services, will receive 3,429,500 shares of FBL Financial Group mandatorily redeemable, voting, Series C preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . Under the revised agreement, 49.5 percent of the Series C preferred stock will be redeemed at par ($26.8404) in three years and the remaining 50.5 percent will be redeemed at par in five years. FBL Financial Group (www.fblfinancial.com) is a holding company whose primary operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. include Farm Bureau Life Insurance Company and EquiTrust Life Insurance Company. FBL underwrites, markets and distributes life insurance, annuities and mutual funds to individuals and small businesses. FBL's three-pronged growth strategy includes (1) internal growth within its traditional Farm Bureau distribution network in 15 midwestern and western states, (2) alliances and (3) consolidations. |
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