Q: How will new equities be treated moving forward?
Each cooperative’s existing equity and patronage policies and allocated equities will remain in place until the merger takes effect on March 1, 2021, at which time equities will be transferred to the new organization.
Q: What is going to happen to my current equity?
The exchange of allocated equity is being done on a 1:1 ratio. For every dollar you have in allocated equity with your current cooperative, you will have that same dollar amount in the new cooperative
Q: How will patronage be paid out?
Patronage will be paid out based upon the new cooperative achieving its annual budget goal. If the goal is met, the board of directors will vote to approve an allocation of funds to be paid back to members.
Q: Will I get more patronage after the merger?
Patronage allocation is paid based upon the new cooperative achieving its financial goals through our membership and their patronization of their cooperative. The more profit that is earned, the more we’re able to pay out to our members.
Q: How are you going to retire equities after the merger (equity split)?
The allocation is a 40/60 split with 40% being paid to Countryside region and 60% being paid to Landmark region.
Q: My equity was written down in the last merger. How can I be guaranteed that this won’t happen again with the new cooperative?
It has been of equal importance for both cooperatives to maintain and secure their member equities. We are happy to inform you that the exchange of equities is being done on a 1 to 1 ratio, meaning if you held $10,000 of equities with Countryside or Landmark you will hold $10,000 of equities with the new cooperative.
Q: How will the merger impact the new cooperative’s profitability?
In addition to procurement savings and other value driven opportunities, we’ve identified a minimum of $5 million in efficiencies that will be able to be achieved over time, starting in the first full year of operations in 2022.
Q: How will this impact current and future credit and financing?
Both cooperatives are closely aligned with their credit policies and financing, so producers should see minimal changes.
Q: Where can I request a copy of Landmark’s Annual Report?
You’re able to obtain a copy of Landmark’s annual report by visiting their website at www.Landmark.coop.
Q: Where can I request a copy of Countryside’s Annual Report?
You’re able to obtain a copy of Countryside’s annual report by calling the main office at 715.672.8947.
Q: After the merger, will I need to fill out a new credit application?
If your cooperative has a current credit application on file, and you’ve done business with your cooperative within the last 18 months, it may not be necessary to complete a new credit application.
Q: What billing changes will there be?
The new cooperative will consolidate onto a single financial and billing platform which may change the look and feel of your monthly statements. All account information and balances will transfer as part of that consolidation and the current billing cycles should remain fairly consistent.
Q: Will this impact my current credit status and terms?
Since the policies between both cooperatives are similar, there should be minimal changes (if any).
Q: Do you have a financial forecast for the first year and future years?
Yes. Plans and financial projections have been put together for the first few years with the first full fiscal year starting in 2022.
Q: What changes will there be to producer financing?
At the start of the merger, both cooperatives will continue to offer our financing solutions and options to our members while continuing to explore expanded offerings that enable financial flexibility and meet your needs.
Q: What happens to my loan history? Does this transfer to the new cooperative?
Your loan and purchase history will be transferred to the new cooperative.