Merger Vote Concludes

Farmers Win Cooperative & Five Star Cooperative Merger Vote Concludes

Both Boards of Directors have decided to end the process after
missing success in the member vote.

New Hampton, Ia., Nov. 1, 2021 –Boards of Directors for Farmers Win and Five Star have agreed to no longer
proceed with unifying the cooperatives after two voting periods. Iowa Law requires that both cooperatives must
each achieve a 50%+1 quorum and then reach a 2/3rds majority to approve merging. Five Star Cooperative
found success in the first voting period by exceeding both thresholds and did not have to vote a second time.
Farmers Win narrowly missed the second threshold in the first voting period and sent it back to their members
for a revote which recently concluded. Although the 50%+1 threshold was exceeded in the revote, the approval
rating did not reach the 2/3rds majority.
“We are appreciative of the employees who gave their valuable time to this process. From management to our
location teams, all participated in presenting this opportunity to our membership.” shares Dwane Koch, Farmers
Win Board President. “As a cooperative board of director member, it is our responsibility to do what is best for
the entire membership. Even though we did not reach the approval rating we had wanted, the members’ voices
have been heard.”
Both cooperatives will continue to operate independently of each other and strive for the highest level of
member service. The management and employee teams will continue identifying new offerings and
opportunities for growth.
“We’ve reached a pivotal point for our cooperatives and are thankful for those members who took the time to
return their ballots. Participation is a huge part of the process, whether attending a meeting or just calling a
director with questions,” discusses Tom Shatek, Five Star Board President. “Even though this rare opportunity
has been missed, your Board of Directors and employee team will continue to be focused on the meeting the
members’ needs and continuing to strengthen the relationship you have with your cooperative.”
Farmers Win Cooperative and Five Star Cooperative each have strong financial positions and will continue to
create value for their member-owners. Both cooperatives are thankful for their employee teams, membership
bases and Boards of Directors for the time given during this process.