Lone Star Ag Credit Merges with Texas Land Bank
Fort Worth, TX – Lone Star Ag Credit and Texas Land Bank officially have merged, effective Jan. 1, 2014. Stockholders of both rural financing institutions approved the merger by vote in late 2013.
- The combined lending association will be called Lone Star Ag Credit and will be headquartered in Fort Worth.
- The new association will serve 48 counties in Texas. Formerly, Texas Land Bank, which was based in Waco, served 16 counties east and west of I-35, stretching from north of Austin to Dallas. Now the combined association will reach from west of Abilene and Sweetwater east to the Louisiana border, and will extend from central Texas to the Oklahoma border.
- With $1.3 billion in total assets and $308 million in capital, Lone Star Ag Credit is now one of the largest Agricultural Credit Associations (ACAs) in Texas, and will be well positioned to meet the needs of its existing and prospective member-stockholders.
- Stockholders will experience long-term benefits through the strong financial position of the association, along with the Board of Directors' commitment to a robust cash patronage dividend program. Combined, Lone Star Ag Credit and Texas Land Bank paid out more than $80 million in patronage dividends to member-borrowers over the past decade.
- Lone Star has adopted a new logo to promote its revitalized mission going forward — to build lifetime relationships through financial solutions.
“Lone Star Ag Credit remains committed to the cooperative principles on which Texas Land Bank and Lone Star Ag Credit were founded in 1917," said Troy Bussmeir, chief executive officer of the newly merged cooperative. “With that commitment intact, the new Lone Star Ag Credit is well-positioned to grow and adapt as we move forward to the future."
Lone Star Ag Credit is part of the Farm Credit System, a nationwide network of rural lending cooperatives. The association provides financing for agricultural and recreational real estate, rural homes, agribusinesses, operating lines of credit, equipment and livestock. All Lone Star loan officers are specialists in agricultural and rural lending.
Lone Star Ag Credit now has credit offices in Abilene, Cleburne, Corsicana, Denton, Fort Worth, Hillsboro, Lampasas, New Boston, Paris, Sherman, Stephenville, Sweetwater, Temple, Waco and Weatherford, in addition to the Fort Worth headquarters office.
Published January 14, 2014