That is the kind of change we need to embrace with all our might. Our stockholders must agree with that philosophy, as on September 21, 2009, the stockholders of this association overwhelmingly voted to enhance their own lives.

Effective the first of this year, the stockholders have determined that this association will become an Agricultural Credit Association with much broader lending authorities than we had before. Previously, we were a Federal Land Bank Association, which lends primarily for the purposes of purchasing or refinancing agricultural or other rural real estate. But this year, we took on a new name, Alabama Ag Credit, and are able to loan money for not only real estate purposes, but also for other needs such as short-term operating and equipment needs.

We aren't running away from what we have been doing so successfully for years. In fact, it's much to the contrary, as we will actually build on that success. We will leverage the great strengths of our past to create greater value for you in the future, by offering you even more products and services to meet your growing needs. The new name reflects the greater value and opportunities this association will offer. We also have a new logo that demonstrates our commitment to this change. You will see new advertisements and give-away items that contain this new logo and positive messaging.

But while change is in the air, you can also take great comfort in the many things that will stay the same. Walk into your local branch office and you will still see the same smiling and very capable employees who for years have helped make your dreams of land ownership come true. Additionally, the association will continue to be guided by cooperative principles. Under the cooperative business model, we will continue to have a board of directors primarily composed of local stockholders, and we will still have the ability to distribute patronage payments to borrowers/stockholders when the association generates profits.

So, with all the benefits this change will bring to our borrowers/stockholders, we will embrace it with all our might. This is change that will clearly enhance the lives of all our stockholders.

Doug Thiessen
Chief Executive Officer