Patronage Profit Sharing Program

When Texas Land Bank does well financially, you benefit! Learn more...

Texas Land Bank, ACA, recently declared a $6.88 million patronage refund to be paid to its stockholder-customers.

Of the total amount, $2.75 million will be returned as a cash patronage payment to its stockholder-customers. Checks will be mailed in late April. An additional $4.13 million is allocated for distribution in future years. Texas Land Bank has returned $40.9 million to its stockholder-customers since 1994.

This latest patronage declaration was based on the rural lender’s solid financial results for 2008. Texas Land Bank reported a 5.9 percent increase in net loan volume, which totaled $408.2 million at year-end 2008, compared to the $385.6 million reported at year-end 2007. Total assets increased by 5.6 percent to $419.9 million at Dec. 31, 2008, from $397.6 million a year earlier.

Credit quality remained strong, with 97 percent of Texas Land Bank’s portfolio considered acceptable. Net income for 2008 was $6.8 million, compared to $7.7 million reported in 2007.

“We are very pleased that we were able to continue our profit-sharing plan, and return $6.88 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.”

Patronage Payment History