Lone Star Ag Credit and Ag New Mexico Farm Credit Announce Unanimous Passed Resolution to Merge
Fort Worth, Tex. (May 16, 2023) Lone Star Ag Credit and Ag New Mexico are pleased to announce both Boards unanimously passed a Resolution on May 11, 2023, approving the terms and conditions of a proposed merger of the two Associations.
“This is a strategic merger for both associations,” shares Lone Star Ag Credit Board of Directors Chair, Brent Neuhaus. “Our boards have worked together diligently to ensure the long-term success of our customer-owners, the cooperative, and the communities we serve”.
The proposed merger is subject to the approval of the Farm Credit Administration (FCA). Assuming the Associations receive regulatory approval, each Association will call a special meeting of stockholders to hold a vote on the merger, likely in summer of this year, with the hope of closing the merger as early as October 1, 2023.
The agricultural lending cooperatives provide financing tailored to the needs of full and part-time farmers and ranchers as well as agricultural-related businesses. Customer-owners can expect the same personalized service they count on today from their current branch locations and experienced branch staff.
Based on the two Associations’ current financial statements, the combined entity would be well capitalized with more than $3 billion in total assets, serving nearly 8,000 stockholders with approximately 155 employees. The headquarters would be located in Fort Worth, Texas, with current Lone Star Ag Credit’s Chief Executive Officer, Joe Hayman, serving as the CEO of the merged entity. No branch closures or branch staffing changes are anticipated.
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About Lone Star Ag Credit
As a member of the nationwide Farm Credit System, Lone Star Ag Credit provides financing for farms, ranches, country homes, agribusinesses, livestock, agricultural equipment and operating expenses. The rural lender is headquartered in Fort Worth and has credit offices in Abilene, Cleburne, Corsicana, Denton, Fort Worth, Georgetown, Hillsboro, Lampasas, Mount Pleasant, New Boston, Paris, Sherman, Stephenville, Sweetwater, Waco and Weatherford.
For more information, contact a local Lone Star Ag Credit branch office or visit agtrustaca.com.
Contact: Julie Porter
Telephone: 817-223-1569
Email: Julie.Porter@AgTrustACA.com