Two rural Texas lending cooperatives — AgriLand, Farm Credit Services (FCS) and Texas AgFinance, FCS — merged Jan. 1.
The merger of the two cooperatives was approved by their stockholder-customers in November and by their federal regulator, the Farm Credit Administration.
The resulting organization, known as Texas Farm Credit Services, has combined assets of $769 million.
Mark Miller, Texas Farm Credit chief executive officer, said that the merger brings additional value to stockholders of both financing cooperatives.
“This merger allows our association the opportunity to expand our product offering throughout our combined territory, to grow our market share and increase our efficiency,” said Miller. Texas Farm Credit now serves 100 of the 254 Texas counties.
“As a cooperative, we are owned by our members, and they stand to benefit when we grow stronger,” Miller said. “And, our customers can still expect the same great products and services from a friendly and knowledgeable staff. That is what we are known for.”