0000845877falseX100008458772024-05-162024-05-160000845877us-gaap:CommonClassAMember2024-05-162024-05-160000845877us-gaap:CommonClassCMember2024-05-162024-05-160000845877us-gaap:SeriesCPreferredStockMember2024-05-162024-05-160000845877us-gaap:SeriesDPreferredStockMember2024-05-162024-05-160000845877us-gaap:SeriesEPreferredStockMember2024-05-162024-05-160000845877us-gaap:SeriesFPreferredStockMember2024-05-162024-05-160000845877us-gaap:SeriesGPreferredStockMember2024-05-162024-05-16

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 16, 2024

FEDERAL AGRICULTURAL MORTGAGE CORPORATION
(Exact name of registrant as specified in its charter)
Federally chartered instrumentality
of the United States
001-1495152-1578738
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer Identification No.)
1999 K Street, N.W., 4th Floor, 20006
Washington,DC
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code (202) 872-7700
No change
(Former name or former address, if changed since last report) 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol Exchange on which registered
Class A voting common stockAGM.ANew York Stock Exchange
Class C non-voting common stockAGM New York Stock Exchange
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series CAGM.PRCNew York Stock Exchange
5.700% Non-Cumulative Preferred Stock, Series DAGM.PRDNew York Stock Exchange
5.750% Non-Cumulative Preferred Stock, Series EAGM.PRENew York Stock Exchange
5.250% Non-Cumulative Preferred Stock, Series FAGM.PRFNew York Stock Exchange
4.875% Non-Cumulative Preferred Stock, Series GAGM.PRGNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐






Item 7.01. Regulation FD Disclosure.

On May 16, 2024, the Federal Agricultural Mortgage Corporation (“Farmer Mac”) issued a press release to announce that Jeffrey L. Plagge and Kevin G. Riel have been elected as the newest members of the company’s board of directors. A copy of the press release is attached to this report as Exhibit 99. All references to www.farmermac.com in Exhibit 99 are inactive textual references only, and the information contained on Farmer Mac’s website is not incorporated by reference into this report.

The information furnished in this Item 7.01, including Exhibit 99, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor will any of such information or portion of the Exhibit be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01.        Financial Statements and Exhibits.

(d)    Exhibits
 
    
104Cover Page Inline Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



FEDERAL AGRICULTURAL MORTGAGE CORPORATION                    


                        By: /s/ Stephen P. Mullery            
                         Name: Stephen P. Mullery
                         Title: Executive Vice President – General Counsel

Dated: May 16, 2024



image_0.jpg
Farmer Mac Announces Election of Two New Directors
WASHINGTON, D.C., May 16, 2024 – The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A), the nation's secondary market provider that increases the accessibility of financing for American agriculture and rural infrastructure, today announced that Jeffrey L. Plagge and Kevin G. Riel have been elected as the newest members of the company’s board of directors. They replace Dennis Brack and Everett Dobrinski on Farmer Mac’s board, both of whom chose not to stand for re-election.
Commenting on their election, Board Chair Lowell L. Junkins said, “We welcome Jeff and Kevin to Farmer Mac’s board of directors. Their experience will complement our board’s insight and dedication to our mission as we continue to drive economic opportunity and prosperity by strengthening and connecting rural America.” Mr. Junkins added, “We offer our sincere gratitude to Dennis and Everett for their valuable contributions to Farmer Mac during their years of service on our board.”
Mr. Plagge brings decades of experience in banking and has served on the boards of Northwest Financial Corporation and Northwest Bank since September 2009 and for the Federal Home Loan Bank of Des Moines since January 2024. He has also served as a Managing Director and consultant for Barnes & Co. since January 2024 and served as the President and CEO of Northwest Financial Corporation from 2009 to 2020. In September 2019, Mr. Plagge was appointed Iowa Superintendent of Banking for the Iowa Division of Banking by the state governor and served until December 2023. Mr. Plagge said, “I am honored to join the board of directors of Farmer Mac. This company has a unique passion for its mission and for working with banks across the country serving and supporting rural America. I am excited to contribute my experience and expertise to help further this important work.”
Mr. Riel also has experience serving on boards of financial institutions and brings firsthand experience of American agriculture, having been a hop farmer for nearly four decades. He has served as the President of Double 'R' Hop Ranches, Inc. since January 1995, where he also served as a manager from June 1986 to December 1994. Mr. Riel also currently serves on the board of directors of Yakima Chief Hops, which he joined in 2021. He previously served on the board of directors of CoBank, ACB (2014 to 2021) and Northwest Farm Credit Services (2007 to 2017), including as chair of the board for part of his tenure at both institutions. Mr. Riel said, “I am delighted to join the board of directors of Farmer Mac, a company that shares my passion and dedication for rural America and our agricultural industry. As a farmer, I especially understand and appreciate the value of the accessible credit that Farmer Mac helps provide. I look forward to working with the other board members in guiding the company to continue to help strengthen and connect rural America.”
Mr. Plagge joins four other board members elected each year by holders of Class A voting common stock (NYSE: AGM.A). Mr. Riel joins four other board members elected each year by holders of Class B voting common stock (not listed on any exchange). Five other board members are appointed by the President of the United States with the advice and consent of the United States Senate.


More information about both newly elected directors and the other members of Farmer Mac’s board is included in Farmer Mac’s 2024 proxy statement filed with the SEC on April 17, 2024, which is available in the “Investors” section of Farmer Mac’s website at www.farmermac.com.

About Farmer Mac
Farmer Mac is driven by its mission to increase the accessibility of financing for American agriculture and rural infrastructure. As a secondary market for our nation’s agricultural and rural infrastructure credit, we provide financial solutions to a broad spectrum of customers supporting rural America, including agricultural lenders, agribusinesses, and rural electric cooperatives. We are uniquely positioned to facilitate competitive access to financing that fuels growth, innovation, and prosperity in America’s rural and agricultural communities. More information about Farmer Mac is available on our website at www.farmermac.com.
CONTACT:

Jalpa Nazareth, Investor Relations
Lisa Meyer, Media Inquiries
(202) 872-7700

* * * *


v3.24.1.1.u2
Cover Page
May 16, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date May 16, 2024
Entity Registrant Name FEDERAL AGRICULTURAL MORTGAGE CORPORATION
City Area Code 202
Local Phone Number 872-7700
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity File Number 001-14951
Entity Central Index Key 0000845877
Entity Tax Identification Number 52-1578738
Entity Address, Address Line One 1999 K Street, N.W., 4th Floor,
Entity Address, Postal Zip Code 20006
Amendment Flag false
Entity Incorporation, State or Country Code X1
Entity Address, City or Town Washington,
Entity Address, State or Province DC
Entity Emerging Growth Company false
Common Class A [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Class A voting common stock
Trading Symbol AGM.A
Security Exchange Name NYSE
Common Class C [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Class C non-voting common stock
Trading Symbol AGM
Security Exchange Name NYSE
Series C Preferred Stock [Member]  
Entity Information [Line Items]  
Title of 12(b) Security 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C
Trading Symbol AGM.PRC
Security Exchange Name NYSE
Series D Preferred Stock [Member]  
Entity Information [Line Items]  
Title of 12(b) Security 5.700% Non-Cumulative Preferred Stock, Series D
Trading Symbol AGM.PRD
Security Exchange Name NYSE
Series E Preferred Stock  
Entity Information [Line Items]  
Title of 12(b) Security 5.750% Non-Cumulative Preferred Stock, Series E
Trading Symbol AGM.PRE
Security Exchange Name NYSE
Series F Preferred Stock  
Entity Information [Line Items]  
Title of 12(b) Security 5.250% Non-Cumulative Preferred Stock, Series F
Trading Symbol AGM.PRF
Security Exchange Name NYSE
Series G Preferred Stock  
Entity Information [Line Items]  
Title of 12(b) Security 4.875% Non-Cumulative Preferred Stock, Series G
Trading Symbol AGM.PRG
Security Exchange Name NYSE
Federal Agricultural Mor... (NYSE:AGM)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Federal Agricultural Mor... Charts.
Federal Agricultural Mor... (NYSE:AGM)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Federal Agricultural Mor... Charts.