Hickman-Fulton Counties RECC (KY) to Merge with Gibson EMC (TN)
Gibson Electric Membership Corporation members voted in favor of the proposed merger with Hickman-Fulton Counties Rural Electric Cooperative Corporation at a Special Meeting on Tuesday, November 17. The unanimous “yes” vote of 208 Gibson EMC members follows the HFRECC vote in which their members overwhelmingly approved the merger with an 88 percent “yes” vote. The merger will become effective January 1, 2016.
Gibson EMC will serve HFRECC members and HFRECC’s Hickman office location will remain open and operate as one of Gibson EMC’s five member service centers. Gibson EMC President and CEO Dan Rodamaker will lead the merged cooperative and all of HFRECC’s and Gibson EMC’s employees will keep their jobs.
“Our board is happy with the outcome,” says David Kimbell, HFRECC Board Chair. “We look forward to 2016 and the positive changes it will bring for our members,” Kimbell says.
Gibson EMC Steve Sanders agrees. “We’re pleased that our members have voted strongly in favor of the merger,” Sanders says. “It is a decision that will benefit our members in the long-term and benefit Hickman-Fulton’s members immediately.”
Dan Rodamaker, Gibson EMC President and CEO, describes the outcome as a win-win. HFRECC members are expected to see a cumulative savings of about $12.6 million over the next 10 years. Gibson EMC members also will benefit from the merger by spreading costs over a larger number of members and by eliminating duplication.
“We want to thank all of the members who voted,” Dan Rodamaker says. “We also want to thank the employees and board members of both cooperatives for their selfless decisions and hard work. We look forward to joining with the HFRECC board and employees and to serving the HFRECC members.”
The electric systems of Gibson EMC and HFRECC connect along the Tennessee and Kentucky border. HFRECC serves about 3,700 residents and businesses in Fulton, Hickman, Carlisle and Graves counties in Western Kentucky and portions of Obion and Lake counties in Northwest Tennessee. Gibson EMC serves about 35,000 members in parts of eight Northwest Tennessee counties (Crockett, Dyer, Gibson, Haywood, Lake, Lauderdale, Obion and Madison).