Soy Capital Bank and Trust

What Soy Capital Bank and Trust does

First Mid Ag Services (formerly Soy Capital Ag Services, and a division of First Mid Wealth Management Company, which is a subsidiary of First Mid Bancshares, Inc., NASDAQ:FMBH) is a Midwest-focused farmland management and real estate services firm. It manages approximately 300,000 acres of farmland across Illinois, Iowa, Indiana, and surrounding states for more than 1,000 farm properties, and is described as the largest manager of cropland in Illinois. Core service lines include professional farm management (tenant relations, crop production oversight, financial management), farmland real estate brokerage including auctions and private treaty sales, certified rural appraisals, and the First Mid Agronomic Partners seed research program — a joint effort with nearly 40 seed-company partners that delivers the largest third-party seed testing program operated by a U.S. farm management firm. Complementary ag lending (through First Mid Bank & Trust) and crop and farm insurance (through First Mid Insurance Group) extend the offering into integrated financial services for landowners and farm operators.

The firm distributes through six regional offices across Illinois (Bloomington headquarters plus Decatur, Kankakee, Mattoon, Peoria, Princeton, and Springfield), staffed by 35 licensed real estate brokers and farmland professionals operating in Illinois, Indiana, Iowa, Arkansas, and South Dakota. GTM is predominantly enterprise field sales: relationship-led engagements with farmland owners, families, investment groups, institutions, and farm operators, supplemented by direct mail, a weekly Midwest Farmowner newsletter, the Farm Manager Minute video series, and contributed articles in agricultural publications such as Prairie Farmer and FarmWeek. Revenue mechanics combine recurring farm management fees, brokerage commissions on farmland transactions, appraisal and consultation fees, and affiliated lending/insurance revenue. The firm was acquired by First Mid-Illinois Bancshares in November 2018 and rebranded from Soy Capital Ag Services effective January 1, 2019.

Recent strategic activity includes the December 2025 acquisition of Ray Farm Management Services, ongoing collaboration with seed-company partners under the First Mid Agronomic Partners joint venture, and a planned June 2026 leadership transition in which Brian Thompson retires after 43+ years and is succeeded by Craig Thompson as CEO with Cory Kauffman as COO. Recognition includes ASFMRA Farm Manager of the Year (2001), repeated RLI Illinois Land Broker of the Year honors, RLI APEX Top 20 National Producer (2018), and consecutive Land.com Land Star Awards.

Name

Soy Capital Bank and Trust

Legal name

First Mid Ag Services

Website

https://firstmidag.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

First Mid Ag Services is a Midwest farmland management and real estate services firm that manages approximately 300,000 acres across Illinois and surrounding states, providing farm management, brokerage, appraisals, and agronomic research to landowners, investors, and farm operators.

Ownership category

akta.pro rank

Product category

Farmland Management and Brokerage Services

SIC

Agricultural Services (700)

akta.pro primary industry

Supply Chain, Marketing & Contracting Advisory (Grain/Livestock Marketing) (AFACAJAH)

akta.pro secondary industries

Farm Risk Management & Insurance Advisory (AFACAJAD), Plant Tissue, Soil & Water Sampling Coordination (Agronomy-Focused) (AFACABAH)

Keywords

• Farm management services
• Farmland real estate brokerage
• Agricultural appraisals
• Farmland auctions
• Agronomic seed testing

Headquarters

HQ city

Bloomington

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Farm Management Services: Professional farm management services for landowners including daily farm management, tenant relationships, crop production oversight, and financial management of farmland operations.
2. Farmland Real Estate Brokerage: Real estate brokerage services for buying and selling farmland, including public auctions and private treaty sales. Commission-based transactions for farmland sales and acquisitions.
3. Farmland Appraisals: Agricultural appraisals, real estate valuations, Certified Rural Appraisals, and consultation services for various purposes including estate valuation, tax purposes, mortgage lending, and litigation.
4. Ag Lending and Farm Insurance: Agricultural lending services and farm/crop insurance products offered through First Mid Bank & Trust and First Mid Insurance Group affiliates.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

First Mid Ag Services provides professional farm management, farmland real estate brokerage and auctions, certified farm appraisals, and agronomic seed testing to farmland owners in the Midwest U.S. The firm manages over 300,000 acres and 1,000+ farm properties, while also facilitating farmland sales, acquisitions, and 1031 exchanges. Complementary agricultural lending and farm/crop insurance are delivered through affiliated First Mid Bank & Trust and First Mid Insurance Group.

Product overview

First Mid Ag Services is a comprehensive agricultural services platform offering a unified suite of farm management, real estate brokerage, and consultation services. The core offerings include Farm Real Estate Sales, Farm Management (managing over 300,000 acres), Farm Brokerage, Farm Appraisals, and the First Mid Agronomic Partners seed testing program. The company also offers complementary services including Ag Lending, Crop Insurance, and Farm Insurance through affiliated First Mid divisions. The company operates as the largest manager of Illinois farmland with regional offices across Illinois and serves clients across Illinois, Indiana, Iowa, Arkansas, and South Dakota.

Differentiator

Problem solved

Functional benefit

Brands

• First Mid Agronomic Partners: Joint effort of First Mid Ag Services and partnering companies providing value to Landowners and Farm Operators through quality, unbiased, third-party research and volume pricing discounts.

Products and services

• Farm Management Comprehensive farmland management services for landowners, including daily farm operations oversight, tenant relationships, crop production oversight, and financial management of farmland. Currently manages more than 1,000 farm properties and approximately 300,000 acres across Illinois, Iowa, Indiana, and surrounding states.
• Farm Real Estate Sales Professional farmland sales services including assistance in buying and selling farmland, market analysis, and transaction management across Illinois and surrounding states. Total farmland sales exceed $1 billion across 43 Illinois counties and more than 153,000 acres since 1990.
• Farm Brokerage Real estate brokerage services for farmland transactions including assistance with Section 1031 Exchanges, Starker Trusts, sourcing credit, and structuring financing and terms for buyers and sellers.
• Farm Appraisals Agricultural appraisals, real estate valuations, Certified Rural Appraisals, and consultations for buying, selling, tax purposes, estate valuation, mortgage lending, and litigation.
• First Mid Agronomic Partners (Seed Testing) Independent third-party seed research program providing unbiased scientific evaluation of corn hybrids and soybean varieties through nearly 40 different seed company partnerships annually. Also evaluates new crop biotechnology, plant protection technologies, and production enhancement technologies, and provides volume pricing discounts to landowners and farm operators.
• Ag Lending Agricultural lending services provided through First Mid Bank & Trust for farmland purchases, farm operations, and equipment financing.
• Crop Insurance Crop insurance products offered through First Mid Insurance Group to protect farm operations against yield and revenue losses.
• Farm Insurance Comprehensive farm insurance coverage including property, casualty, and life insurance for farm operations, offered through First Mid Insurance Group.
• Farmland Auctions Public auction and privately negotiated sale services for farmland, with the company having completed over 300 auctions since 1990 and farms sold in 43 Illinois counties totaling more than 153,000 acres. Online auction capability was added in 2021.

Quantifiable outcome

• Manages over 300,000 acres of farmland across Illinois, Iowa, Indiana, and surrounding states
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Ray Farm Management Services, Inc.coreStrategic or Co-development Partner · 22 December 2025Acquired by First Mid Ag Services in December 2025, expanding presence across north central Illinois. Founder Doug Ray joined as Vice President and will continue working with clients through early 2027. Founded over 25 years ago with over four decades of experience serving farmland owners.
• Seed Company Partners (Nearly 40 companies)coreStrategic or Co-development PartnerNearly 40 different seed companies partner annually with First Mid Agronomic Partners to provide independent scientific evaluation of their seed products. Includes major brands such as Asgrow, DeKalb, Beck's, Golden Harvest, Great Lakes Hybrids, LG Seeds, Pioneer, Stone Seed Group, and others.
• American Society of Farm Managers and Rural Appraisers (ASFMRA)coreStrategic or Co-development PartnerProfessional organization that promotes education and ethics among farm management professionals. Offers accreditation for Accredited Farm Manager (AFM) and Accredited Rural Appraiser (ARA) designations. Brian Thompson served as President of the Illinois Chapter in 1997 and was on the national Board of Directors.
• Realtors Land Institute (RLI)coreStrategic or Co-development PartnerProfessional land real estate organization offering the Accredited Land Consultant (ALC) designation. David Klein served as Vice-Chairman of the national accreditation committee (2014-2019) and was Chairman of the Illinois Farmland Values and Lease Trends Conference (2016-2020).
• Illinois Society of Professional Farm Managers and Rural Appraisers (ISPFMRA)coreStrategic or Co-development PartnerIllinois Chapter of ASFMRA. Co-hosts the annual Illinois Farmland Values and Lease Trends Conference with RLI. David Klein was Chairman of the conference (2016-2020). Michael Rhoda serves as Chairman of Region 4 Data Collection Group.
• American Society of Agronomy (ASA)minorStrategic or Co-development PartnerProfessional organization offering the Certified Crop Adviser designation. Several staff members hold CCA certification including Tyler Roth, Tom Hill, Reid Lichty, and Hayley Daniels.
• First Mid Agronomic Partners (Joint Venture)coreStrategic or Co-development PartnerJoint effort between First Mid Ag Services and partnering companies providing value to Landowners and Farm Operators through quality, unbiased, third-party research and volume pricing discounts.

Scale indicators13 records

Recent moves6 records

Expansion highlights6 records

Regional players

• Busey Ag Services: Busey Bank (formerly First State Bank affiliates) operates ag lending, farm management, and brokerage in Central Illinois. Comparable in offering mix and Illinois footprint, though smaller in dedicated farm management scale and more banking-led than First Mid Ag Services.

Broad incumbents

• Westchester Group Investment Management (TIAA): Westchester, a TIAA subsidiary, is one of the largest U.S. institutional farmland investment managers, managing billions in assets across major row-crop regions. Comparable as a buyer/manager of farmland and a competitor for institutional landowner mandates, but at materially larger scale and with a more institutional-only focus.

Direct peers

• Peoples Company: Peoples Company is one of the largest integrated farmland management, brokerage, appraisal, and investment advisory firms in the U.S., with strong Midwest (Iowa/Illinois) presence. Directly comparable in offering mix (farm management + land brokerage + appraisals + capital markets advisory) and in target customer (institutional and individual farmland owners).
• Murray Wise Associates: Murray Wise Associates is a farmland investment and auction firm active across the Midwest. Comparable in farmland brokerage, auction execution, and institutional farmland advisory, though more transaction-led than management-led versus First Mid Ag Services.
• Capital Agricultural Property Services (CAPS): CAPS (a division of Prudential Agricultural Investments historically) provides institutional farm management, real estate, and appraisal services. Comparable in serving institutional farmland owners and providing certified rural appraisal services, though more institutional- and advisor-skewed than First Mid.
• Hall and Hall: Hall and Hall is a leading farm, ranch, and rural real estate brokerage and management firm with strong Plains/Midwest presence. Comparable in brokerage-led model, landowner client base, and auction/private treaty farmland sales, though with greater geographic diversification beyond the Midwest.
• Farmers National Company: Farmers National Company provides farm management, real estate sales, appraisals, and agri-finance across a wide multi-state footprint. Directly comparable in the integrated suite of landowner services and in serving both individual landowners and institutional investors, with comparable scale of acres under management.
• Hertz Farm Management: Hertz is a large, multi-state farm management and real estate firm based in Iowa, managing hundreds of thousands of acres across the Midwest. Closely comparable in core farm management services, regional Midwest focus, and landowner/institutional customer base, though slightly more weighted to Iowa than Illinois.

Emerging players

• Heartland Ag Group: Heartland Ag Group is a smaller Midwest farm management and consulting firm. Comparable in landowner advisory and management services in Illinois/adjacent states, but at meaningfully smaller scale than First Mid Ag Services.

Others

• Compeer Financial (1st Farm Credit / Badgerland Financial): Compeer Financial is a major Farm Credit System lender serving farmers across the Midwest, including Illinois and Iowa. Comparable as a regional ag financing ecosystem participant and potential partner, but its primary business is lending rather than farm management and brokerage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Firstmidag
• LinkedInlinkedin.com/company/first-mid-ag-services

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Soy Capital Bank and Trust