HOOKER EQUITY EXCHANGE TO MERGE WITH GCC
Sep 23, 2022
UPDATE: SEPTEMBER 23rd, 2022
To our valued members:
Your Board of Directors were approached by Hooker Equity Exchange (HEE) in Hooker, OK and their Board of Directors about the possibility of a merger earlier this year. Both boards approved the merger plan at the end of August. Informational meetings were held in the beginning of September and the HEE membership voted and approved the merger yesterday, September 22nd.
As you are aware, our industry is rapidly changing and farmer’s needs continue to evolve. As our founder R.J. Ackley has stated, “Our success in the future depends not so much on how hard others fight us, as how well we conduct our own business and the type of service we render to our membership.” Looking to the Rochdale Principals of Cooperatives, Principal number six is cooperation among cooperatives. It is in this spirit that we both see the benefits of working together to seize opportunities in the cooperative landscape to ensure we continue being able to provide needed service and resources to our membership.
The merger of Hooker Equity Exchange and GCC will officially take place December 15th, 2022. The boards and staff of both cooperatives will be working between now and then to determine the best path forward to ensure as seamless as transition as possible on December 15th.
"As the cooperative industry continues to evolve, we are excited to align with Hooker Equity and welcome them to the GCC team. We look forward to optimizing our shared resources to best serve our farmers in both Southwest Kansas and the Oklahoma panhandle," said GCC Chairman, Tyler Hands.
Leon Richards, Chairman of the Hooker Equity Exchange had this to say of the merger: “The board is glad that the membership approved the merger. We look forward to working with the Garden City staff as we complete the transition. We are excited about the improvements that Garden City hopes to make to the facilities here that will make it better for our producers.”
The merger will be discussed in our upcoming annual meeting, however until then, questions can be directed to CEO, Jeff Boyd, or any of the GCC Board of Directors.
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ABOUT HOOKER EQUITY EXCHANGE: Established in 1915, Hooker Equity is a full-service, single location cooperative serving the agricultural and general community of the Oklahoma Panhandle. With grain storage and marketing solutions, a fuel department with cardtrol and bulk fuel delivery services, and a variety of feed, fertilizer and chemical solutions, Hooker Equity is poised to provide superior service for the growth and profitability of its members and the cooperative. More info at hookerequitycoop.com
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UPDATE: SEPTEMBER 1ST, 2022
The Hooker Equity Exchange Board voted Tuesday (8/30) and GCC Board voted Wednesday (8/31) to proceed forward with a merger. The Hooker Equity Exchange will hold informational meetings September 6th & 8th with a vote taking place in a special meeting by the membership of Hooker Equity Exchange on September 22nd. Should the vote pass, this merger between the Hooker Equity Exchange and the Garden City Co-op, Inc. would be effective December 15th.
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ORIGINAL POST:
To our valued members:
Your Board of Directors have been approached by Hooker Equity Exchange in Hooker, OK and their Board of Directors about the possibility of a merger.
Both boards have agreed to a merger study process that involves researching the potential value created by joining each cooperative’s assets including facilities, human talent, technology, systems and processes, and financials. This study will determine how a merger would strengthen both of our cooperatives and verify initial assumptions.
As you are aware, our industry is rapidly changing and farmer’s needs continue to evolve. As our founder R.J. Ackley has stated, “Our success in the future depends not so much on how hard others fight us, as how well we conduct our own business and the type of service we render to our membership.” Looking to the Rochdale Principals of Cooperatives, Principal number six is cooperation among cooperatives. It is in this spirit that we both see the benefits of working together to seize opportunities in the cooperative landscape to ensure we continue being able to provide needed service and resources to our membership.
If a merger plan is approved by both boards, a member vote would be presented to the Hooker Equity Exchange stockholders.? The GCC stockholders would not be required to vote under its Articles of Incorporation.?
We know there will be questions and we will be happy to share more information with everyone after the results of the due diligence.?
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ABOUT HOOKER EQUITY EXCHANGE: Established in 1915, Hooker Equity is a full-service, single location cooperative serving the agricultural and general community of the Oklahoma Panhandle. With grain storage and marketing solutions, a fuel department with cardtrol and bulk fuel delivery services, and a variety of feed, fertilizer and chemical solutions, Hooker Equity is poised to provide superior service for the growth and profitability of its members and the cooperative. More info at hookerequitycoop.com