Farm Credit Bank Of Texas Issues $300M Of Preferred Stock

Farm Credit Bank of Texas (FCBT), a cooperatively owned wholesale funding bank, issued $300 million of perpetual noncumulative preferred stock on Aug. 26. Barclay's Capital and Bank of America Merrill Lynch represented the bank as placement agents for the transaction.

Farm Credit Bank of Texas is the source of funds for its owners – 18 rural lending cooperatives in Alabama, Louisiana, Mississippi, New Mexico and Texas, and four other financing institutions. It also participates with other lenders in the capital markets, providing loans to agribusiness, energy and rural telecommunications firms.

"Our latest stock issuance will further strengthen Farm Credit Bank of Texas' already-strong capital position and increase our risk-bearing capacity, while allowing us to pursue business opportunities as they arise," says Larry Doyle, FCBT's CEO.

The bank is part of the $213 billion Farm Credit System, a network of rural financial cooperatives.

SOURCE: Farm Credit Bank of Texas


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