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February 01, 2019
Staunton, VA – January 31, 2019 – Farm Credit of the Virginias (FCV), a regional financial cooperative serving agriculture and rural communities in Virginia, West Virginia and Maryland, has announced that long-time Chief Financial Officer David Sauer has retired from the organization effective January 31. This was a long-planned retirement – Sauer’s replacement, Justin Weekley, joined the organization in October 2018 to ensure a smooth leadership transition.
Sauer has been with FCV and its predecessor organizations since 1998, providing financial guidance through two merger processes, the first involving two Farm Credit organizations and the second involving four. He was also instrumental in the establishment of the organization as an Agricultural Credit Association, defining effective tax strategies, and transitioning the cooperative to all-cash patronage payments to its customer-owners.
“David’s contributions to the financial position and overall operation of our cooperative over his nearly three decades in Farm Credit cannot be quantified,” said CEO Peery Heldreth. “From his efforts during the mergers that formed our organization, to overseeing technological advancements, to leading a strong and effective team, to dedicating himself to ensuring our financial stability and growth, he has been a true champion for Farm Credit.”
Prior to joining Farm Credit, Sauer worked as an internal auditor for the Virginia Department of Transportation, and for the Union Camp paper company. He earned a bachelor’s degree in Accountancy from Indiana University, and resides in his hometown of Waynesboro. Focused on his daily work responsibilities for Farm Credit for the past 29 years, he plans in retirement to work with his family – both the older and younger generations – on their livestock operations.
“I’ve truly enjoyed working for Farm Credit and contributing for almost 30 years to its mission to provide critical financing to our rural communities and farmers,” said Sauer. “I believe we’ve done an excellent job of doing this, and that with the very strong financial position Farm Credit has built over its history, the organization will continue to do so long into the future.”
Farm Credit of the Virginias provides over $1.8 billion dollars in financing to more than 11,000 farmers, agribusinesses and rural homeowners throughout Virginia, West Virginia and western Maryland. Farm Credit is a cooperative capitalized largely through investments made by farmers, ranchers and the rural homeowners and businesses that borrow from them. In fact, as part of a nationwide network they are the largest single provider of agricultural credit in the United States and have been for 100 years. Farm Credit helps maintain and improve the quality of life in rural America and on the farm through its constant commitment to competitive lending, expert financial services and for facilitating and sharing knowledge and resources through the Farm Credit Knowledge Center. For more information, visit www.FarmCreditKnowledgeCenter.com or www.FarmCreditofVirginias.com.
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