Agricultural News
Merger Creates Largest Ag Financial Cooperative in Oklahoma- Oklahoma AgCredit
Fri, 01 Jan 2016 11:08:12 CST
The state's largest agricultural financial cooperative, Oklahoma AgCredit, has been formed by the merger of Farm Credit of East Central Oklahoma and Chisholm Trail Farm Credit following approval from stockholders of both associations and Farm Credit Administration.
"With the New Year, there is much to celebrate," said Butch McComas, Chief Executive Officer of Oklahoma AgCredit. "Along with the fresh start of Oklahoma AgCredit, the largest and strongest Farm Credit Association in the state, 2016 marks the centennial of the Farm Credit System."
Broken Arrow-based Farm Credit of East Central Oklahoma, which provides loans and leases for agriculture and rural Oklahomans in the eastern half of the state, joined Enid-based Chisholm Trail Farm Credit that serves members in central Oklahoma, effective Jan. 1, 2016. Now named Oklahoma AgCredit, the member-owned cooperative provides agricultural financing in 60 of Oklahoma's 77 counties.
The goal of this merger is to accentuate strong points from both organizations, according to McComas.
Oklahoma AgCredit has the financial strength to offer a great patronage, which is like an interest rebate, to its members. With a capital position of more than $200 million, Oklahoma AgCredit has the risk-bearing capacity to be a stable lender to Oklahoma's farmers and ranchers through good times and bad, from small part-time operations to large full-time operations.
Current members won't see many changes in service. "Oklahoma AgCredit employees are some of the most qualified and dedicated agricultural lending professionals in the state. They are committed to make our cooperative the lender of choice for Oklahomans," said Patrick Zeka, Oklahoma AgCredit's Chief Operating Officer.
The newly merged association will serve agricultural producers and rural landowners with combined assets of more than $1 billion and a portfolio in excess of 5,400 loans. Headquartered in Broken Arrow, Oklahoma AgCredit has 17 full-time lending offices, a number of weekly contact points, and loan officers are available by appointment at locations convenient for customers.
A member of the nearly 100-year-old Farm Credit System, Oklahoma AgCredit will be celebrating the Farm Credit centennial this year by honoring our rich history, McComas said. Agriculture and people involved in agriculture are constantly evolving. Oklahoma AgCredit will be ready with the right loan products to keep Oklahoma agriculture growing.
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