Federal Agricultural Mortgage Corp. (AGM)

[makesumgravy]

Farmer Mac Appoints Michael A. Gerber as Acting President and Chief Executive Officer





WASHINGTON, Oct. 1 /PRNewswire-FirstCall/ -- The Federal Agricultural Mortgage Corporation (Farmer Mac) (NYSE:AGMNYSE:andNYSE:AGM.A) today announced that its Board of Directors has appointed Michael A. Gerber as acting President and Chief Executive Officer of Farmer Mac, succeeding Henry D. Edelman, effective immediately. Mr. Gerber will continue to serve as Chief Executive Officer of Farm Credit of Western New York, an Association in the Farm Credit System.

In conjunction with Mr. Gerber's appointment, the Board has constituted an Executive Committee of the Board, consisting of Mr. Gerber, Lowell L. Junkins, the Acting Chairman of the Board, and Dennis A. Everson, President of First Dakota National Bank, Agri-business Division. The Committee will work closely with Mr. Gerber and the continuing officers of Farmer Mac with respect to Farmer Mac's operations, capital structure and transition issues, including the search for a new, permanent Chief Executive Officer.