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For Immediate Release
October 29, 2004

AUSTIN, Texas - Ralph W. "Buddy" Cortese of Fort Sumner, N.M., and Jon M. "Mike" Garnett of Spearman, Texas, have been re-elected by acclamation to three-year terms on the Farm Credit Bank of Texas Board of Directors, effective Jan. 1, 2005. They represent Region I stockholders of the Tenth Farm Credit District on the bank board. Cortese has served as chairman of the board since January 2000 and has been a member of the board since 1995. Previously, he was chairman of the PCA of Eastern New Mexico Board of Directors. Cortese farms and ranches near Fort Sumner, N.M.

Garnett was first elected to the board in 1999 and has served as vice chairman since 2000. Prior to joining the board, he was chairman of the Panhandle-Plains Federal Land Bank Association (FLBA) Board of Directors. Garnett farms, feeds stocker cattle, and operates a custom haying and baling business near Spearman, Texas.

The cooperatively owned Farm Credit Bank of Texas is the source of funds for 13 Agricultural Credit Associations and eight Federal Land Credit Associations in the Tenth Farm Credit District, which includes Alabama, Louisiana, Mississippi, New Mexico and Texas. Together, these agricultural financing cooperatives and the bank have nearly $8 billion in loans outstanding to agricultural producers, agribusiness firms, country homeowners and other rural landowners.