AgriBank Names Brad Hoffelt Chief Financial Officer

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AgriBank has appointed Brad William Hoffelt as its new Chief Financial Officer, effective September 16, 2024. Hoffelt brings over 25 years of experience in the financial services industry, having led global finance organizations at U.S. Bank and GE. As CFO, he will oversee Controllers, Finance Operations, and Treasury departments, and provide leadership in business and strategic planning.

Hoffelt's most recent role was CFO of Global Commercial Payments at U.S. Bank. He holds an MBA in Finance from the University of St. Thomas and a bachelor's degree in Accounting from the University of North Dakota. Hoffelt will succeed Jeff Moore, who plans to retire in mid-2025 after over 35 years with Farm Credit. Moore will remain in an advisory capacity until then to facilitate the CFO transition.

Positive

• Appointment of experienced CFO with 25+ years in financial services
• New CFO has led high-performing global finance organizations
• Smooth transition planned with current CFO remaining in advisory role

Negative

• None.

Veteran financial executive has led high-performing global finance organizations

ST. PAUL, Minn., Aug. 27, 2024 /PRNewswire/ -- Brad William Hoffelt has been named chief financial officer at AgriBank effective September 16 following a national search. Hoffelt has more than 25 years of experience in the financial services industry, including leading high-performing global finance organizations at U.S. Bank and GE.

As CFO and a member of the AgriBank Executive Leadership Team, Hoffelt will oversee the Controllers, Finance Operations and Treasury departments. His responsibilities will include providing leadership in business and strategic planning.

"We are excited to welcome Brad Hoffelt to AgriBank in this CFO leadership role," said AgriBank CEO Jeffrey Swanhorst. "He brings a wealth of experience and expertise that will continue and build on AgriBank's success in obtaining funding and providing funding and financial solutions to the Farm Credit lenders that are our customers and owners."

Since 2022, Hoffelt has been CFO of Global Commercial Payments at U.S. Bank, where he had been CFO of Corporate Payments and Treasury Management from 2016 to 2021. He previously had a nearly 20-year career at GE, most recently as general manager, Products and Services, at GE Capital Corporate/Transportation Finance. His experience has included 15 years leading international Finance teams across North America, the EU and the Asia Pacific regions, with direct assignments in the U.K. and Japan. Hoffelt holds an MBA in Finance from the University of St. Thomas and a bachelor's degree in Accounting from the University of North Dakota.

"I'm thrilled to join AgriBank as CFO," Hoffelt said. "It's especially rewarding to assume a leadership role to support Farm Credit Association-owners and ensure that, together, we continue to provide a reliable and stable source of credit to rural America."

Hoffelt will succeed CFO Jeff Moore, who advised AgriBank of his plan to retire in mid-2025 after more than 35 years with Farm Credit. Moore will remain with AgriBank in an advisory capacity until then to facilitate the CFO transition as well as participate in business and strategic planning.

"We are indebted to Jeff Moore for his many years of leadership at AgriBank," Swanhorst said. "He has championed an effective business model that sustains the strong relationship between the Bank and the Farm Credit lenders in the AgriBank District and enables us, collectively, to fulfill the Farm Credit mission of supporting rural communities and agriculture."

About AgriBank

AgriBank is part of the customer-owned, nationwide Farm Credit System. Under Farm Credit's cooperative structure, AgriBank is primarily owned by local Farm Credit Associations, which provide financial products and services to rural communities and agriculture. AgriBank obtains funds and provides funding and financial solutions to those Associations. AgriBank and those Associations compose the AgriBank District. The District covers a 15-state area stretching from Wyoming to Ohio and Minnesota to Arkansas. For more information, visit www.AgriBank.com.

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SOURCE AgriBank

FAQ

Who is the new CFO of AgriBank (AGRIP) as of September 16, 2024?

Brad William Hoffelt has been named the new Chief Financial Officer of AgriBank, effective September 16, 2024.

What is Brad Hoffelt's professional background before joining AgriBank (AGRIP)?

Brad Hoffelt has over 25 years of experience in the financial services industry, including roles as CFO of Global Commercial Payments at U.S. Bank and various positions at GE Capital, with international experience in North America, EU, and Asia Pacific regions.

When is Jeff Moore, the current CFO of AgriBank (AGRIP), planning to retire?

Jeff Moore, the current CFO of AgriBank, has announced his plan to retire in mid-2025 after more than 35 years with Farm Credit.

What are Brad Hoffelt's main responsibilities as the new CFO of AgriBank (AGRIP)?

As CFO, Brad Hoffelt will oversee the Controllers, Finance Operations, and Treasury departments at AgriBank. He will also provide leadership in business and strategic planning.