Ag Texas Farm Credit Services and Great Plains Ag Credit have announced that they have merged operations. The announcement was made jointly yesterday in Lubbock.
“This merger reflects the fruits of almost two years of discussion, and will bring together two strong financial institutions that serve the Ag community,” said Mitchell Harris, retiring CEO of AgTexas Farm Credit. “Combining these two powerful names is definitely a merger of equals that will provided additional resources to farmers and ranchers in the Amarillo, Lubbock and North Central Texas areas.
Great Plains Ag Credit CEO Tim McDonald, who will become CEO of the merged companies effective January 1, added, “We’re proud to partner up with a company that shares our values of serving members and being involved in our communities. Together we will continue to play leadership roles in the markets we serve. Our slogan defines who we are for our members: Your SUCCESS. Our PURPOSE.”
Chairman of the Board-elect, Dennis Anthony, added, “These two strong farm credit organizations have served their communities well for the past 80 years. Together, we can do even more as we combine our resources.”
The corporate office for the merged companies will remain in Lubbock at 6901 Quaker Avenue.
Both AgTexas Farm Credit Services and Great Plains Ag Credit offer financing for real estate and operating capital, as well as insurance,
leasing and cash management services for the Ag industry. As member-owned farm credit organizations, they return close to 50% of their profits from operations back to their members. In the past ten years, their combined patronage exceeded $68 million.
Also appearing on Tuesday was Hall of Fame Rodeo Announcer Bob Tallman, a member of AgTexas and the spokesman of the new AgTexas in advertising. Tallman represents the fifth generation of his family to be a cow calf operator and landowner. He also farms 300 acres in Parker County.
“I appreciate a company that puts me first… MY success is AgTexas’ purpose, and that’s important to me, just as it is to all my fellow members. I like knowing the folks I’m dealing with. These folks are casual, they’re down home, and they’re for real. And that means the world to me.”
The newly merged operation will have over $1.3 billion in combined assets, and serves Ag operations in 43 counties for 2,450 members. Of the combined 15 offices, all the existing AgTexas Farm Credit Services offices will all remain open in Lubbock, Brownfield, Levelland, Ralls, Seminole, and five more locations in the Fort Worth Region. All 120 employees will be retained, as there is no market overlap between AgTexas Farm Credit Services and Great Plains Ag Credit.