Two Texas agriculture credit companies announced their plan to merge on Tuesday. Amarillo and Lubbock agriculture credit companies said the merger will allow the new company to better serve both large and small agricultural operations, according to the CEO of the new firm. Together, the two companies have $1.3 billion in assests.
The new firm will go by Ag Texas Farm Credit Services. The merger will go into effect on Jan. 1, according to a news release.
“To combine the resources of these two extremely healthy organizations will give us the ability to finance some of the largest, most complex operations out there and the tools and the staying power that we need to finance those smaller, core producers, the ones that you think of as family operations,” Tim McDonald, CEO of the new AgTexas Farm Credit Services, told Karen Welch for the Amarillo Globe News.
The merger will not affect staffing, and office for the new company will remain in Lubbock, Texas.