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The Annual Stockholders Meeting of Legacy Ag Credit, ACA

The Annual Stockholders Meeting will be held Monday, August 14, 2017, at 6:30 p.m. in Sulphur Springs, Texas.
Read the AMIS


Legacy Ag Credit to Pay $2.4 Million Patronage to Its Stockholders

SULPHUR SPRINGS, Texas — Legacy Ag Credit, a local ag lending cooperative, announced today that it will pay $2.4 million in cash patronage to its stockholders in April based on its solid 2016 performance. The association reported total assets of $242 million and total loans of $238 million as of year-end 2016.

As a cooperative, Legacy Ag Credit keeps only the earnings it needs and returns the remaining surplus to borrowers, who are also co-op members and owners. This year’s patronage dividends effectively lower the interest rates on customers’ loans by approximately 1 percentage point.

Within the past 12 years, the cooperative has returned over $12 million in cash patronage to its member-owners.

Legacy Ag Credit is a part of the Farm Credit System, a nationwide system of cooperatively owned banks and associations. The co-op has been providing farmers, ranchers and rural landowners in Franklin, Gregg, Harrison, Hopkins, Kaufman, Marion, Rains, Upshur, Van Zandt and Wood counties with quality service and a reliable source of credit for 100 years. The co-op’s lending offices are located in Sulphur Springs, Canton, Gilmer, Kaufman and Longview.


Legacy Ag Credit Stockholders Participate in 2016 Farm Credit Young Leaders Program

Dan and Kimberly Leas with Stan Ray

Dan and Kimberly Leas of Edgewood, Texas, attended the 2016 Farm Credit Young Leaders Program on behalf of Legacy Ag Credit. They celebrated the completion of the program in Washington, D.C., with Stan Ray, right, Farm Credit Bank of Texas chief administrative officer and Tenth District Farm Credit Council president.

SULPHUR SPRINGS, Texas — Dan and Kimberly Leas of Edgewood, Texas, recently saw firsthand how Farm Credit's cooperative structure and unique funding mechanism enable it to help rural communities and agriculture thrive. The member-borrowers of Legacy Ag Credit were among 22 agricultural producers who attended the 2016 Farm Credit Young Leaders Program in New York City and Washington, D.C.

The 11th annual program began with visits to a Wall Street brokerage firm and the Federal Farm Credit Banks Funding Corporation. There the group learned how the sale of highly rated Farm Credit notes and bonds to investors provides a steady stream of funding that local lending cooperatives put to work in rural communities. Nationwide, Farm Credit provides more than $242 billion in financing to farmers, ranchers, rural homeowners, agribusinesses and other eligible borrowers.

Next the group traveled to the nation's capital to exchange ideas with Acting Deputy Secretary of Agriculture Michael Scuse, members of Congress and congressional staff. The five-day program also included a visit to Mount Vernon, George Washington's innovative farming and milling operation.

"Helping agricultural producers of all ages and experience levels be successful in a complex and capital-intensive business is an important part of Farm Credit's mission," said Stan Ray, president of the Tenth District Farm Credit Council, which hosts the Young Leaders Program. "These impressive participants were chosen by their local lenders for this opportunity to learn about Farm Credit and discuss policy issues that are important to farmers and ranchers."

Dan Leas owns a fertilizer spraying and custom hay baling business, and raises registered Hereford and F1 tiger-striped cattle. Previously, he worked in landscape design and jointly owned another ag services operation in his hometown of Canton, Texas. Kimberly Leas serves on the board of the Children's Advocacy Center of Van Zandt County and is former assistant principal of Farmersville Intermediate School. The couple has two children.

This year marks the centennial of the Farm Credit System, a nationwide network of borrower-owned lending cooperatives that support rural communities and agriculture. The Tenth District Farm Credit Council is the regional member of the national Farm Credit Council, the trade association that works on behalf of System institutions and member-owners.


Legacy Ag Credit Stockholder Election Results

We are pleased to announce the official results of Legacy Ag Credit, ACA's 2016 Board of Directors and 2017 Nominating Committee elections.

2016 Board of Directors Elections Results:

  • The winner for Director Position 1 — Terry Milligan
  • The winner for Director Position 2 — R. Cody Newman

2017 Nominating Committee Election Results:

  • The members of the 2017 Nominating Committee will be Bruce Wood, Jan Moosberg, Fred Moseley, John Mize, Thomas Goodson & Bo Fox

Both elections were conducted in accordance with Legacy Ag Credit, ACA bylaws. The independent CPA firm of DK Partners, P.C. was engaged to tabulate the votes and report the official results.


Legacy Ag Credit to Pay $2.25 Million Patronage to Its Stockholders

Legacy Ag Credit, ACA will pay $2.25 million in cash patronage to its stockholders in March based on its 2015 performance. The association reported total assets of $235 million and total loans of $232 million as of year-end 2015.

Because Legacy Ag Credit is a cooperative, its stockholders share in its earnings through the payment of patronage. Within the past 11 years, the cooperative has returned over $10 million in cash patronage to stockholders.

"The directors and staff of Legacy continually seek opportunities to benefit our stockholder-borrowers," said CEO Joseph Crouch. "As in prior years, the 2015 association earnings were used to help reduce net borrowing costs to our members."

This cash patronage reflects a reduction of approximately 100 basis points, or 1.00 percentage point, in the effective borrowing rate of an average borrower for 2015.

"Legacy Ag Credit is excited to share the story of our commitment to agriculture," said Crouch. "We look forward to serving others within our territory so that they too may benefit from our patronage program and the Farm Credit System, which, we are proud to report, is celebrating its 100th anniversary this year."

Legacy Ag Credit is a part of the Farm Credit System, a nationwide system of cooperatively owned banks and associations. The co-op has been providing farmers, ranchers and rural landowners in Franklin, Gregg, Harrison, Hopkins, Kaufman, Marion, Rains, Upshur, Van Zandt and Wood counties with quality service and a reliable source of credit for 100 years. Legacy's lending offices are located in Sulphur Springs, Canton, Gilmer, Kaufman and Longview.


Legacy Ag Credit Stockholders Participate in 10th Annual Farm Credit Young Leaders Program

Kenny and Skye Knox

Kenny and Skye Knox of Marshall, Texas, attended the 2015 Farm Credit Young Leaders Program on behalf of Legacy Ag Credit. They celebrated their completion of the program in Washington, D.C., with Stan Ray, right, Farm Credit Bank of Texas Chief Administrative Officer and Tenth District Farm Credit Council President.

Kenny and Skye Knox of Marshall, Texas, recently got an inside look at how Farm Credit supports rural communities and agriculture with reliable, consistent credit and financial services. The Knoxes, member-borrowers of Legacy Ag Credit, were among 25 young agricultural producers who attended the 2015 Farm Credit Young Leaders Program.

This is the 10th consecutive year that the program has shown young borrowers how Farm Credit's cooperative structure and unique funding mechanism enable it to help rural communities and agriculture thrive. Participants are selected by Farm Credit lending co-ops across a multistate region.

The program began in the New York City area, where the group visited a Wall Street brokerage firm and met with Tracey McCabe, president and chief executive officer of the Federal Farm Credit Banks Funding Corporation. There they learned how investors' purchase of highly rated Farm Credit notes and bonds supplies the capital that Farm Credit lending cooperatives put to work in rural communities. Nationwide, Farm Credit provides more than $227 billion in financing and financial services to farmers, ranchers, rural homeowners, agribusinesses and other eligible borrowers.

Next the group traveled to Washington, D.C., to discuss policy issues with U.S. Department of Agriculture officials, Senate Appropriations Committee and House Agriculture Committee senior staff, and agriculture industry leaders. The five-day program also included a visit to Mount Vernon, President George Washington's Virginia plantation, where participants learned about our nation's heritage of agricultural innovation.

"For a decade now, each year's participants have demonstrated that the future of agriculture is in good hands," said Stan Ray, president of the Tenth District Farm Credit Council, which hosts the Young Leaders Program. "As part of our mission to serve rural America, Farm Credit has a strong commitment to helping young people in agriculture be successful."

The Knoxes own quarter horses used in the sport of team roping, and also buy and sell roping steers. Kenny was a first-place winner in the 2013 Priefert World Series of Team Roping #9 Finale. He also is an independent financial advisor with Woodbury Financial Services and owns Knox Financial Advising Inc., where Skye is the office manager and bookkeeper.

The Tenth District Farm Credit Council is the regional member of the national Farm Credit Council, the trade association representing the legislative and regulatory interests of the Farm Credit System. The System is a nationwide network of cooperatively owned rural lenders that have provided financing and financial services since 1916.


Legacy Ag Credit Stockholder Election Results

We are pleased to announce the official results of Legacy Ag Credit, ACA's 2015 Board of Directors and 2016 Nominating Committee elections.

2015 Board of Directors Elections Results:

  • The winner for Director Position 1 - Ron Gabriel
  • The winner for Director Position 2 - Paul Nicklas

2016 Nominating Committee Election Results:

  • The members of the 2016 Nominating Committee will be Bruce Wood, Jan Moosberg, Fred Moseley, John Mize, Brett Tate & Bo Fox

Both elections were conducted in accordance with Legacy Ag Credit, ACA bylaws. The independent CPA firm of DK Partners, P.C. was engaged to tabulate the votes and report the official results.


Legacy Ag Credit Holds 2015 Annual Stockholder Meeting

Legacy's 2015 Annual Stockholder meeting was held on Monday, April 20, 2015, at the Hopkins County Civic Center in Sulphur Springs, Texas.

Chairman of the Board Jerry Cordell welcomed those in attendance and provided a report on the activities of the Board during the preceding year, then turned the meeting over to CEO Joseph Crouch. CEO Crouch delivered a strong financial report on the Association and thanked the stockholders for their part in the continued success of Legacy Ag Credit.

Voting for the two open director positions and six Nominating Committee positions will be conducted by mail ballot.

The meeting was well attended and everyone enjoyed a BBQ dinner immediately following the meeting.


Legacy Ag Credit announces cash patronage payout of $1.6 million

Legacy Ag Credit, ACA is pleased to announce a cash patronage payout based on the 2014 earnings. Due to the financial success of the Association in 2014, the Board declared a cash patronage payout of $1.6 million.

The directors and employees of Legacy continually seek opportunities to benefit our stockholder-borrowers. As in prior years, the 2014 Association earnings were used to help reduce net borrowing costs to our borrowers. This cash patronage reflects an approximate 80 basis point reduction in the effective borrowing rate of an average borrower for 2014.

Legacy Ag Credit, ACA is excited to share our story, our commitment to agriculture, and look forward to serving others within our territory so that they too may benefit from our patronage program and the Farm Credit System.


Legacy Ag Credit Stockholders Participate in Farm Credit Young Leaders Program

Stephen and Jennifer Hill

Legacy Ag Credit members Stephen and Jennifer Hill, left, celebrate the completion of the 2014 Farm Credit Young Leaders Program with Jimmy Dodson, chairman of the Farm Credit Bank of Texas Board of Directors, at Mount Vernon, Virginia.

Stephen and Jennifer Hill of Allen, Texas, recently got an inside look at how the Farm Credit System carries out its mission to provide reliable credit to agriculture and rural America. The Hills, member-borrowers of Legacy Ag Credit, were among 29 young agricultural producers selected from a multistate region to attend the 2014 Farm Credit Young Leaders Program.

The program began in New York City, where the participants learned how investors buy Farm Credit notes and bonds, providing the funding that Farm Credit lending cooperatives put to work in rural communities. Nationwide, Farm Credit provides more than $200 billion in financing to farmers, ranchers, rural homeowners, agribusinesses and other eligible borrowers.

Next, the group traveled to Washington, D.C., and discussed policy issues with U.S. Department of Agriculture officials, Senate and House agriculture committee staff, and agriculture industry leaders.

The five-day program ended with an awards ceremony at George Washington's Mount Vernon plantation, where the first president embraced innovation at his farming and milling operations.

"As part of our mission to serve rural America, Farm Credit has a strong commitment to helping young people in agriculture be successful," said Stan Ray, president of the Tenth District Farm Credit Council, which hosted the ninth annual Young Leaders Program. "These impressive participants were selected by their lending cooperatives because they represent the future of agriculture, and we want them to know the role Farm Credit plays in their industry and communities."

Stephen Hill, a dentist, and Jennifer Hill, a substitute teacher and skin-care consultant, became Legacy Ag Credit members in 2013 when they purchased land that they plan to devote to agriculture. Stephen grew up in a farming family, and also partners with his sister in a hay operation in East Texas.

The Tenth District Farm Credit Council is the regional member of the national Farm Credit Council, the trade association representing the legislative and regulatory interests of the Farm Credit System. The System is a nationwide network of cooperatively owned rural lenders that have provided financing and related services for the agriculture industry since 1916.


Legacy Ag Credit Stockholder Election Results

We are pleased to announce the official results of Legacy Ag Credit, ACA's 2014 Board of Directors and 2015 Nominating Committee elections.

2014 Board of Directors Elections Results:

  • The winner for Director Position 1 - Jerry Cordell
  • The winner for Director Position 2 - A. G. Sandifeer

2015 Nominating Committee Election Results:

  • The members of the 2015 Nominating Committee will be Bruce Wood, Jan Moosberg, Fred Moseley, Frank Allen, John Mize & Bo Fox

Both elections were conducted in accordance with Legacy Ag Credit, ACA bylaws. The independent CPA firm of Davila, Buschhorn & Associates, P.C. was engaged to tabulate the votes and report the official results.


Legacy Ag Credit Stockholders Participate in Farm Credit Young Leaders Program

Adam Hostetler and Megan AlgerAdam Hostetler and Megan Alger of Pickton recently got an inside look at how the Farm Credit System carries out its mission to provide dependable credit to agriculture and rural America. The couple, member-borrowers of Legacy Ag Credit, were among 32 young agricultural producers selected to attend the 2013 Farm Credit Young Leaders Program.

Program participants first traveled to the New York City area, where they visited the Federal Farm Credit Banks Funding Corporation and a Wall Street brokerage firm. There they learned how Farm Credit securities are sold to investors, and how the proceeds are put to work for rural communities in the form of Farm Credit financing and related services.

The group then traveled to Washington, D.C., and met with congressional staff and Farm Credit Council leadership to discuss policy issues that affect rural families and businesses.

“We invited the Farm Credit lending cooperatives in our district to select young customers who are actively involved in the agriculture industry and their communities,” said Stan Ray, president of the Tenth District Farm Credit Council, which hosted the eighth annual Young Leaders Program. “We provide these current and future leaders insight into the ways that Farm Credit supports agriculture. In addition, we give them an opportunity to share their knowledge with policymakers who develop the legislation that affects farmers and ranchers.”

Adam and Megan grew up in Virginia’s Shenandoah Valley, and when they moved to Texas, Adam continued his relationship with Farm Credit by becoming a Legacy Ag Credit customer. A dairy farmer, Adam now keeps 650 cows and farms about 1,000 acres in Pickton, in northeast Texas. Megan is a registered nurse.

The Tenth District Farm Credit Council is the regional member of the national Farm Credit Council, the trade association representing the legislative and regulatory interests of the Farm Credit System. The System is a nationwide network of cooperatively owned rural lenders that have provided financing and related services for the agriculture industry since 1916.


Legacy Ag Credit Holds 2014 Stockholder Meeting

Legacy's 2014 Annual Stockholder meeting was held on Monday, April 21, 2014, at the Hopkins County Civic Center in Sulphur Springs, Texas.

Chairman of the Board Jerry Cordell welcomed those in attendance and provided a report on the activities of the Board during the preceding year, then turned the meeting over to CEO Joseph Crouch. CEO Crouch delivered a strong financial report on the Association and thanked the stockholders for their part in the continued success of Legacy Ag Credit.

Voting for the two open director positions and six Nominating Committee positions will be conducted by mail ballot.

The meeting was well attended and everyone enjoyed a BBQ dinner immediately following the meeting.


Legacy Ag Credit Pays Patronage on 2013 Earnings

Legacy Ag Credit, ACA is pleased to announce a cash patronage payout based on the 2013 earnings. Due to the financial success of the association in 2013, the board declared a cash patronage payout of $1.25 million.

The directors and staff of Legacy continually seek opportunities to benefit our stockholder-borrowers. As in prior years, the 2013 Association earnings were used to help reduce net borrowing costs to our borrowers. This cash patronage reflects an approximate 67 basis point reduction in the effective borrowing rate of an average borrower for 2013.

Legacy Ag Credit, ACA is excited to share our story, our commitment to agriculture, and we look forward to serving others within our territory so that they may benefit from our patronage program and the Farm Credit System.


Willing to Serve? A Message to Stockholders

Legacy Ag Credit has a Board of Directors elected by the member-stockholders; the Board governs the long-term direction and overall health of the cooperative.  Board members typically serve three-year terms, and each year, stockholders have the opportunity to vote in a director election.  Legacy Ag Credit is committed to providing good representation on this board, and to that end, the association encourages stockholders to get involved in director elections.  In order for you to become involved, it is very important that you exercise your stockholder right to vote.  More importantly, we hope you will consider whether you have skills and experience that would be an asset on our board.

We encourage you to consider running for the board if you would like to help set the policies that govern the day-to-day operations, review reports to assess the association’s performance and asset levels, and establish the strategic direction to keep Legacy financially strong and competitive.

Download the Eligibility Requirements and Application (.pdf)

Thanks again to all our stockholders for your continued involvement and support of the Association.

 

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