Heritage Land Bank to pay $3.5 million in patronage

Heritage Land Bank to pay $3.5 million in patronage
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TYLER, Texas (February 15, 2019) - Heritage Land Bank announced it will pay $3.5 million in cash patronage to its customers in April 2019.

This year’s patronage distribution represents 70 basis points and is based on the association’s solid 2018 net earnings of $7.83 million and total assets of $524 million. Because of Heritage Land Bank’s cooperative structure, its customers share in its ownership – and its earnings.

When the association does well financially, a portion of the earnings is paid to borrowers in the form of a patronage dividend. Patronage is a cornerstone of the cooperative business model, and payments like this one reduce the cost of borrowing from Heritage Land Bank. With this year’s patronage dividend, we have returned more than $49 million for 24 of the last 25 years.

“The Board of Directors of Heritage Land Bank is pleased to return a cash patronage to our valued stockholders. Heritage Land Bank was established over 100 years ago and has proven to serve its stockholders well. The Association remains strong by providing a valuable service to valuable people. We look forward to another 100 years of serving our customers/stockholders,” stated Scott Line, Chairman of the Board.

A part of the nationwide Farm Credit System, Heritage Land Bank has been financing the needs of farmers, ranchers, agribusinesses, rural landowners and country homeowners for nearly 100 years.

The lending cooperative is headquartered in Tyler, and operates branch offices in Athens, Fort Worth, Greenville, Jacksonville, McKinney, Nacogdoches, Palestine, Lufkin, Lindale, and Tyler.