Farmer Mac appoints new CFO

Ag mortgage lender Farmer Mac appointed a new CFO.
Ag mortgage lender Farmer Mac appointed a new CFO.
The Federal Agricultural Mortgage Corporation, commonly referred to as Farmer Mac, today announced the appointment of Timothy L. Buzby as vice president and chief financial officer.

Buzby had served as controller of Farmer Mac, since June 2003 and as acting treasurer of Farmer Mac since October 1, 2008, according to a release. Buzby succeeds William T. Sandalls, Jr., who had been acting CFO since October 20, 2008.

Farmer Mac is a stockholder-owned entity chartered by Congress to support rural housing mortgage loans and rural utilities loans and to facilitate capital market funding for U.S. Department of Agriculture-guaranteed farm program and rural development loans.

Michael A. Gerber, president and CEO, said that Buzby is "highly experienced in Farmer Mac's mission, objectives and business strategy."

Buzby's financial and industry background provide him with valuable expertise in asset and liability management, financial controls and procedures, cash flow utilization and capital structure, Gerber said.

Prior to joining Farmer Mac, Buzby served as CFO for a national mortgage lender. Buzby was also a manager on the mortgage consulting staff of KPMG Peat Marwick.