Reorganization has been promoted as a means to strengthen the position of cooperatives within the agricultural economy. The purpose of this study is to determine if agricultural cooperatives that reorganized through merger, acquisition, or consolidation have improved their financial performance. Although the research suggests reorganization may not be beneficial to the strongest cooperative in either the short or longer run, at least 33% of the observed reorganizations can be classified as unqualified successes. The data include 53 cooperatives involved in 24 reorganizations.