Association News

Texas Land Bank Announces $4.5M Patronage to Customers

Texas Land Bank, ACA has declared a $4.5 million patronage refund to be paid to its stockholder-customers.

Of the total amount, $3.0 million will be returned as a cash patronage payment in Aprill. An additional $1.5 million will be allocated for distribution in future years. Texas Land Bank has returned $46.4 million to its stockholder-customers since 1994.

This latest patronage declaration was based on the rural lender’s solid financial results for 2009. Texas Land Bank has a long history of sharing our success with our stockholder-customers through the patronage program, and this year is no different. It is one of the reasons we stand out from the rest.

“We are very pleased that we were able to continue our profit-sharing plan, and return $4.5 million in patronage to our stockholder-customers,” said Charles P. Gant, Texas Land Bank chief executive officer. “Patronage is a key benefit of doing business with a cooperative like Texas Land Bank, and we continue to be financially strong and capable of providing financing through this current economic environment.

Clay and Rebecca Barton of Cameron recently heard firsthand about how well the Farm Credit System is faring despite this year’s volatility in the financial markets. The couple was among 23 young agricultural producers selected to attend the 2009 Farm Credit Young Leaders Program. As member-borrowers of the Farm Credit System, and specifically Texas Land Bank, the couple was given an opportunity to interact with decision-makers and Farm Credit System leaders and get a behind-the-scenes look at how the System operates.

During the four-day event, sponsored by the Tenth District Farm Credit Council, participants traveled to Washington, D.C., and New York City for tours, special briefings and meetings with government, System and financial leaders. Each lending co-op in the district was invited to select an individual or couple to participate in the program.

Clay owns property in Milam and Falls counties and leases additional acreage on which to run his cattle operation. He is also the manager of Temple Bolt & Supply Corp., an industrial supply company in Temple. 

The trip included meetings with agriculture industry representatives, officials of the Farm Credit Council and congressional leaders in Washington, D.C. The group also had a briefing at the Federal Farm Credit Banks Funding Corporation and toured the financial district in New York City.