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Farmer Mac expands share repurchase plan

The board of Farmer Mac authorized to increase the company's repurchase plan of its outstanding class C nonvoting common stock to $10 million from $5.4 million.

The board also extended the term of the share buyback plan through March 2021.

The buyback plan, which was approved by the board in September 2015, initially authorized Farmer Mac to repurchase up to $25 million of its nonvoting common shares. In August 2017, the buyback plan was continued on its existing terms through August 2019 for the repurchase of up to $5.4 million of nonvoting common shares.