The board of directors at Five Star Cooperative met last week to review and receive the results of the merger vote between Farmers Win and Five Star.
The merger has been a two-year process of discussions with both boards and employees, and Five Star directors went through an intense discovery and due diligence time to make sure both co-ops would work together to increase the value and strength of its co-op.
The Farmers Win board was informed from its auditor that 60% of its membership returned ballots, which met the first hurdle of the process by the state of Iowa. The second hurdle is that 66.67% of the returned votes be positive. Members voted a majority of 60% to move forward with the merger. The vote was short about 6%, however, to meet the state requirement to merge.
The Five Star board was informed by its auditor that 70% of its membership returned ballots and succeeded in reaching the 66.67% approval rating to pass the resolution to merge.
Farmers Win board will be meeting to discuss the next steps, if any, to be taken. It will also be discussed at the upcoming annual meetings to be held in September.
Farmers Win Coop has 17 locations with over 200 full and part-time dedicated employees servicing members and customers in north east Iowa and south east Minnesota with quality products and services. Services include grain, agronomy energy and feed. Our mission is to partner with our member-owners and customers by providing competitive products and professional services.
Five Star Cooperative is a full-service cooperative here to serve farmers with crop inputs, precision ag services, grain marketing and handling, energy, feed and hardware. Five Star has been serving members for more than 100 years and has grown to serve growers across 14 counties in north central and north east Iowa from 18 locations.
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