Staff Report
Published March 9, 2012

Leon T. Amerson, the president and chief operating officer of AgFirst Farm Credit Bank, will become the CEO effective July 1, Board Chairman Wayne Lambertson has announced.

Leon Amerson

Amerson takes over from F.A. Lowrey, who plans to retire as CEO on June 30, Lambertson said in the announcement.

“I anticipate a very smooth, seamless transition as we begin this next phase of leadership at AgFirst,” Lambertson said. “Tim’s experiences and expertise uniquely qualify him to be the bank’s next CEO and we look forward to the leadership he will provide to the bank and the AgFirst district.”

Joining AgFirst in 1987, Amerson has served as the bank’s chief operating officer since 2006, and was named president in April 2010. Prior to that, he served as the bank’s chief financial officer.

Amerson received a bachelor’s degree in business finance from the University of South Carolina and an MBA from Duke University’s Fuqua School of Business. Before joining AgFirst, he worked with The National Bank of South Carolina.

Lowrey’s Farm Credit career spans nearly four decades, beginning in 1974 in Perry, Ga., as a loan officer trainee and culminating in 1998 when he became AgFirst’s CEO. Under his leadership, AgFirst grew from $9.6 billion in assets and net income of $72 million in 1998 to $29.5 billion in assets and net income of $385 million at year-end 2011.

Reflecting on his career with AgFirst, Lowrey said, “I’m proud of what we have accomplished together for our stockholders.” He continued, “I am especially pleased that Tim Amerson has been chosen as my successor. This is an important next step in AgFirst’s succession plan and will continue to provide the strength and stability our customers expect.”

AgFirst Farm Credit Bank provides funding and financial services to 20 Agricultural Credit Associations in 15 eastern states and Puerto Rico. These associations, operating as Farm Credit and Ag Credit associations, provide real estate and production financing to more than 80,000 farmers, agribusinesses and rural homeowners.

AgFirst also operates a growing capital markets unit that arranges and participates in loans for agribusinesses across the nation, and a correspondent lending market department that buys, sells and services rural home and agricultural loans.