Texas Methodist Foundation Acquires Assets From Central Texas Methodist Foundation
AUSTIN, Texas, Feb. 20, 2012 /PRNewswire/ -- Austin-based Texas Methodist Foundation (TMF), which is the largest United Methodist foundation in the country, has announced that a majority of the assets and liabilities of the Central Texas Methodist Foundation (CTMF), which is headquartered in Fort Worth, have been acquired by TMF. The transaction was effective Feb. 16.
After the Central Texas Methodist Foundation approached the Texas Methodist Foundation some months ago about combining resources, an extensive due-diligence process began. TMF determined that assuming the majority of CTMF's assets and liabilities would be a positive move for both organizations and, more importantly, for the ministries of the Central Texas Conference. Details of the financial agreement were not disclosed due to a confidentiality agreement.
Established in 1957, the Central Texas Methodist Foundation (CTMF) served Fort Worth, Arlington, Waco, Brownwood and the surrounding communities. The transition coincides with the retirement of CTMF President Patricia Sprayberry-Hall.
"The Central Texas Methodist Foundation has the deepest respect for the Texas Methodist Foundation, and we are pleased to combine resources with such a stellar organization," Sprayberry-Hall said. "We will work with our clients to ensure a smooth transition to the Texas Methodist Foundation."
Bishop Mike Lowry of the Central Texas Conference of The United Methodist Church applauded the move, saying, "The Texas Methodist Foundation has an unparalleled reputation for providing excellent financial and leadership services to United Methodist churches and individuals throughout Texas. We have been blessed over the years by the kingdom-building ministry of both foundations. The wise decision to combine resources will greatly benefit the mission and ministry of the Central Texas Conference."
The Texas Methodist Foundation assists United Methodist churches, institutions and individuals with a variety of financial and leadership resources. Established in 1938, TMF serves the denomination's five geographic conferences in Texas, in addition to the Rio Grande Conference of Texas and New Mexico. Assets for TMF, following the acquisition, now exceed $400 million.
"The Texas Methodist Foundation is pleased to welcome the churches, investors, donors and others previously associated with the Central Texas Methodist Foundation," Tom Locke, Texas Methodist Foundation president, said. "The two foundations offered similar services and have always shared the same goal of connecting financial practices with spiritual and social responsibility—in order to strengthen the ability of the United Methodist community to serve God and God's people. We will provide the very highest levels of service and financial stability to our constituents as we continue to focus on our core values of servanthood, competence and integrity."
The Texas Methodist Foundation, headquartered in Austin, is a statewide nonprofit organization offering assistance to United Methodists through investments, loans, leadership development, stewardship services, gift planning and endowment services, and grants. To learn more, please visit http://www.tmf-fdn.org.
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