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.