Lone Star Ag Credit, ACA, of Fort Worth announced today that Joe Hayman, a 25-year veteran of Farm Credit, will take the helm of the $1.7 Billion association as Chief Executive Officer (CEO). Bill Melton, who has served as Interim CEO for the past year, will return to retirement when the transition takes place on February 22, 2020.
Hayman currently serves as President and Chief Executive Officer of Southern AgCredit, a position he has held for more than 12 years at this $1.2 Billion agricultural lender. Prior to that, he was the Chief Operating Officer of Texas Farm Credit (formerly Texas AgFinance).
“We are very fortunate and excited to have Joe join us at Lone Star as CEO,” said David Harris, Chairman of the Board for Lone Star. “Joe has a tremendous track record of success as a Farm Credit executive. We believe his leadership experience, his progressive strategic vision, and proven commitment to customers and employees will be a great asset to the association.”
While at Southern AgCredit, Hayman led the conversion from a single product Federal Land Credit Association (FLCA) to a full-service ACA in 2009. He also led the merger and acquisition of Louisiana AgCredit, as well as the design and implementation of a digital loan origination, servicing and workflow management solution, built on the SalesForce platform. In an over-chartered territory, Southern AgCredit’s assets under management grew from $507MM in 2008 to over $1.2B, with cash patronage increasing 400% to 100 bps each year since 2011.
“I’m honored to join Lone Star Ag Credit as CEO,” said Hayman. “Lone Star has deep roots within the Farm Credit system and its communities, and is poised for tremendous growth in competitiveness, stockholder value, and employee opportunity. I look forward to getting my boots on the ground in Texas and working with the board, employees and customers there.”
Mr. Melton spent 26 years of his career with AgFirst Farm Credit, managing Lending functions, Capital Markets, Correspondent Lending and Credit Analysis. He first retired in June 2013, and then was chosen to lead Cape Fear Farm Credit as its Interim CEO for more than two and a half years. Mr. Melton joined Lone Star Ag Credit in November 2018 as Interim CEO, and, during his tenure, Lone Star paid the largest patronage in its history of $20.3 million.
“We deeply appreciate all that Bill Melton has done for Lone Star over the past year in his role as Interim CEO. His leadership has been vital as the association has continued its transformation into a more efficient, financially sound organization,” said Harris. “Bill has a tremendous 42-year Farm Credit legacy and we’re proud to have been part of his journey. We wish Bill the best as he transitions back to a well-deserved retirement.”
“I’ve been blessed to lead Lone Star for the past year,” said Melton. “This is a fine Farm Credit association with wonderfully talented people. I wish Joe, the board, employees, and all of Lone Star’s customers all the best going forward.”
A native of Grapevine, Texas, Hayman is a graduate of Texas A&M with a degree in Agricultural Economics, a graduate of Clarendon College with a degree in General Agriculture, and is currently pursuing a Professional Certificate in Innovation and Technology from MIT.
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.