SunStream to Continue Providing Technology, Other Services to AgriBank and Other Farm Credit Entities
ST. PAUL, Minn., April 1, 2020—AgriBank has completed the spin-off of its SunStream Business Services division, which launches today as a separate service corporation. SunStream continues to provide technology and other business services to AgriBank and other Farm Credit System entities.
Effective today, SunStream is owned by and continues to serve AgriBank and 11 Farm Credit Associations, including Compeer Financial, Farm Credit Mid-America and nine Associations that are part of the Centric Technology Collaboration: AgHeritage Farm Credit Services, Delta ACA Farm Credit, FCS Financial, Farm Credit Midsouth, Farm Credit Services of Mandan, Farm Credit Services of North Dakota, Farm Credit of Western Arkansas, Farm Credit Southeast Missouri and GreenStone Farm Credit Services. AgriBank is lender to those Associations, obtaining funds for them and providing them with funding and financial solutions. The Associations provide farmers, ranchers and other customers with credit and other financial services, mainly across a 15-state region in the nation's heartland. In addition, SunStream provides services to other Farm Credit entities that are not part of the ownership group.
"AgriBank looks forward to our continued collaboration with SunStream to fulfill our common Farm Credit mission, which is to support rural communities and agriculture with reliable, consistent credit and financial services, today and tomorrow," said AgriBank CEO Jeff Swanhorst, chair of the SunStream Board of Directors. "With SunStream, AgriBank and other members of the ownership group will be better able to keep pace with technology changes, manage rising costs, and have a shared ownership and governance structure that will position our organizations for further collaboration and efficiency in business services."
SunStream President and CEO Steve Jensen said, "All of us at SunStream Business Services are thrilled to begin this new era serving our Farm Credit customers. Our focus will continue to be the relentless pursuit of customer service, operational excellence and innovative solutions. We look forward to building on our partnerships with other Farm Credit entities, helping them concentrate on rural America, while we take care of the rest."
The Farm Credit Administration, the System's regulator, earlier this year granted approval for SunStream to become a service corporation under Section 4.25 of the Farm Credit Act. Under Farm Credit's cooperative structure, any SunStream profits will be either held as retained earnings or returned to its owners in the form of patronage.
SunStream had operated as a division of AgriBank since Jan. 1, 2018. Its approximately 80 employees will remain at the organization's headquarters in St. Paul, Minn.
AgriBank is part of the customer-owned, nationwide Farm Credit System. Under Farm Credit's cooperative structure, AgriBank is primarily owned by 14 local Farm Credit Associations, which provide financial products and services to rural communities and agriculture. AgriBank obtains funds and provides funding and financial solutions to those Associations. The AgriBank District covers a 15-state area stretching from Wyoming to Ohio and Minnesota to Arkansas. For more information, please visit www.AgriBank.com.
ABOUT SUNSTREAM BUSINESS SERVICES
SunStream Business Services provides technology and other business services to AgriBank, Farm Credit Associations and other Farm Credit entities. These entities all are part of the customer-owned, nationwide Farm Credit System, which supports rural communities and agriculture with reliable, consistent credit and financial services, today and tomorrow. We aim to provide our customers with all the tools necessary to help them succeed by leveraging common services and technologies to their advantage. For more information, visit www.SunStreamServices.com.