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Western Farm Credit Bank in Sacramento will lay off 78 people and move the bulk of its operations to Wichita, Kan.
The agricultural lending operation has signed a joint management agreement with Farm Credit Bank of Wichita that will result in unemployment for most of Western Farm Credit's staff by June 30.
Under the agreement effective Jan. 1, only about seven employees will remain in Sacramento. The rest of Western's staff of about 85 people will receive severance packages varying by tenure, according to Jim Grauerholz, senior vice, president of the Wichita bank.
Western will seek a buyer for its building at 3636 American River Drive, although it hopes to lease space in the building for its remaining skeleton crew, he said.
The Farm Credit System is a network of cooperatives that lend money to farmers. Banks within the...