FORT WORTH, Texas – Lone Star Ag Credit of Fort Worth transitioned its leadership yesterday as Troy Bussmeir stepped down as the chief executive officer at the request of the board of directors. Bill Melton, a longtime Farm Credit industry executive, has taken the helm of the association as interim CEO.
Mr. Bussmeir served Lone Star for more than eight years, first as the chief operating officer, and then as the chief executive officer for the past five years.
“Troy has led Lone Star with integrity and dedication through some challenging times for the organization. However, the board has recognized the need for new leadership as the association works toward greater growth and strength going forward,” said David Harris, chairman of the board for Lone Star. “The Board appreciates Troy’s leadership and service and wants to make clear that he is not stepping down related to any wrongdoing. We are just moving in a new direction.”
Mr. Melton brings to Lone Star 41 years of experience in the Farm Credit System, including his recent position as an outside director for Legacy Ag Credit, where he also served as chairman of the compliance committee.
Mr. Melton spent 26 years with AgFirst Farm Credit Bank, managing lending functions, capital markets, correspondent lending, and credit analysis. At his retirement in June 2013, he was senior vice president and chief lending officer at AgFirst. Prior to joining AgFirst in 1987, he was employed for 12 years with three Farm Credit associations located in North Carolina and Georgia, serving in roles of increasing responsibility, including four years as CEO.
Immediately following his retirement from AgFirst, Mr. Melton was chosen to lead Cape Fear Farm Credit as its interim CEO. In this role, he successfully led the organization for more than two and a half years.
“We welcome Bill Melton to Lone Star and look forward to working with him. We are confident that Mr. Melton’s experience will be invaluable in working with the board, the executive committee, the credit offices, and all employees,” Harris said. “Importantly, we believe his leadership will provide value to our stockholders in their desire for a growing, financially sound, accountable and sustainable institution, and consistent receipt of patronage dividends.”
Lone Star Ag Credit serves 48 counties and has credit offices in Abilene, Cleburne, Corsicana, Denton, Fort Worth, Georgetown, Hillsboro, Lampasas, New Boston, Paris, Sherman, Stephenville, Sweetwater, Waco, and Weatherford.