Texas Farm Credit Enters into Letter of Intent to Merge with Legacy Ag Credit

To our Stockholders:  

We are writing to share exciting news regarding Texas Farm Credit. On September 2, 2026, the Boards of Texas Farm Credit and Legacy Ag Credit, ACA unanimously signed a Letter of Intent (LOI) to explore a proposed merger of the two associations to be effective on or around November 1, 2027. 

Texas Farm Credit will begin due diligence efforts to further evaluate the potential merger opportunity. We will continue to operate with our current management and lending teams to serve stockholders throughout the due diligence phase.   

Subject to due diligence, request for pre-approval by the Farm Credit Administration (“FCA”), stockholder approval, and a request for final approval by FCA, the combined association would operate as Texas Farm Credit with Mark Miller, Texas Farm Credit’s current Chief Executive Officer continuing to serve in that capacity. Derrell Chapman, Legacy’s current Chief Executive Officer, would serve on the Executive Leadership Team of Texas Farm Credit post-merger.  More information relating to the merger will be included in the formal disclosure packet sent to all stockholders prior to the vote.  

Texas Farm Credit has been shaped by the trust, loyalty, and relationships of its stockholder-owners. Those relationships and the importance of local service will remain central as the Board continues to evaluate this opportunity.  

Thank you for your continued confidence in Texas Farm Credit and for allowing us to serve you. If you have questions, please feel free to reach out to our team at [email protected]. 

Sincerely,

Jerry Chappell
Board of Directors, Chairman
Texas Farm Credit

Mark Miller
Chief Executive Officer
Texas Farm Credit