Farmer-Run Financial Cooperative Files Complaint to Defend Against False Claims

Cullman-based lender Alabama Farm Credit files complaint against a disgruntled former borrower and his defamatory campaign against the organization.

Cullman, Alabama, Dec. 21, 2023 (GLOBE NEWSWIRE) -- Financial cooperative Alabama Farm Credit (AFC) filed a complaint today in federal court against former borrower Dustin Kittle seeking an injunction to stop Kittle’s unilateral attempt to schedule a stockholders meeting in violation of AFC’s bylaws.

“AFC has bylaws just like any established financial institution with internal controls and Mr. Kittle cannot unilaterally make up his own rules,” said Mel Koller, President, and CEO of Alabama Farm Credit.

“Our borrowers are at the heart of what we do. We will not sit by and allow these unfounded tactics to undermine our organization or our support of our borrowers’ businesses,” Koller added.  “No prudent business can be run by an outsider using Facebook “likes” and “dislikes”.  That is not how responsible businesses are run,” according to Koller.       
The filing also contends that Kittle has spread false information to AFC’s current, former, and prospective borrowers, regulators, and the larger agricultural community in an attempt to harm the association.

Koller has assured borrowers that no official meeting led by Kittle will be taking place, and any such gathering is of no official consequence to the organization. He has stressed that the executive team and the Board of Directors of Alabama Farm Credit remain committed to upholding the Bylaws and the integrity of AFC, as is their duty to the stockholders.

*About Alabama Farm Credit:* Alabama Farm Credit was founded in 1916 as part of the Farm Credit System, which remains the largest source of rural financing in the nation. As a financial cooperative, Alabama Farm Credit is governed by a local board of directors and owned by borrowers. The mission of Alabama Farm Credit, ACA is to be the premier lender of Rural Agricultural Credit and Financial Services in North Alabama. In the past, rural borrowers were often limited to securing financing from outside corporations who failed to recognize the nuances of rural property investment and agricultural operations. Established in response to difficult conditions farmers and ranchers faced almost a century ago, cooperatives like Alabama Farm Credit brought farmers, ranchers, and small-town residents together to reach their economic goals.

###

CONTACT: Alabama Farm Credit
Samantha.Southerland@alabamafarmcredit.com