Farm Credit System Association Strengthens Leadership Team
SULPHUR SPRINGS, Texas – Legacy Ag Credit, ACA (www.legacyaca.com) announced today the selection of Derrell W. Chapman as the rural lending cooperative’s new chief executive officer. Chapman comes to the association with a wealth of experience within the banking and financial services industry.
Previously, Chapman was chief executive officer, president and director of First Federal Bank Texas and its holding company, East Texas Financial Services Inc., for eight years, and was chief financial officer for those financial institutions for 15 years. He also was regional president for Prosperity Bank in the Tyler, Texas, market area.
Mr. Chapman received a bachelor’s degree in finance from Texas A&M University. He is a Certified Public Accountant and has been active in various civic and community organizations, including the Tyler Economic Development Corporation, Rockin’ C Ranch, United Way of Smith County and Lions Clubs. He and his wife, Kim, currently live in Tyler and will be relocating to Sulphur Springs.
“We are extremely pleased to have Derrell join our Legacy team,” said Terry Milligan, Legacy Ag Credit board chairman. “His strong banking skills and extensive executive management experience will complement our existing senior management staff, and we look forward to the leadership that he will provide to our entire employee team.
“Legacy Ag Credit remains keenly focused on providing excellent customer service while helping rural Texans achieve their goals through an array of loan products and related services. We are confident that Derrell will play a key role in our future growth and success.”
Headquartered in Sulphur Springs, Legacy Ag Credit is part of the nationwide Farm Credit System and operates as a stockholder-owned cooperative that provides loans and other financial services to farmers, ranchers and rural residents in a 10-county area in East Texas.
The rural lending co-op currently has total outstanding loans over $250 million and serves over 1,200 customers through branches in Sulphur Springs, Canton, Gilmer, Kaufman, and Longview. During 2016, the association generated net earnings of $3.89 million and returned cash patronage payments of $2.40 million to its customer-stockholders.