Lone Star Ag Credit Ends 2013 Strong
Fort Worth, TX – Lone Star, ACA, recorded a total net income of $20 million for 2013. This ends another year of strong financial performance just prior to Lone Star's merger with Texas Land Bank. The name of the new entity will remain Lone Star Ag Credit. When combined with Texas Land Bank's 2013 net income Lone Star had a combined net income of $30.6 million in 2013.
Going forward the new association serves 48 counties in Texas, reaching from west of Sweetwater, eastward to the Louisiana border, and will extend from central Texas to the Oklahoma border. With $1.3 billion in total assets and $308 million in capital, Lone Star Ag Credit is now one of the largest Agricultural Credit Associations (ACAs) in Texas, and is well-positioned to meet the needs of its existing and prospective member-stockholders.
Because Lone Star is a cooperative, the board of directors has an opportunity to return those profits back to the stockholders in the form of a patronage dividend. Based on 2013 performance the 2014 payments to borrowers will equal a reduction of approximately 1% of their interest rate. In April this year, the new, larger Lone Star will pay out $11.95 million in patronage dividends to its stockholders. Combined, Lone Star Ag Credit and Texas Land Bank paid out more than $80 million in patronage dividends to member-borrowers over the past decade.
Lone Star Ag Credit now has credit offices in Abilene, Cleburne, Corsicana, Denton, Fort Worth, Hillsboro, Lampasas, New Boston, Paris, Sherman, Stephenville, Sweetwater, Temple, Waco and Weatherford, in addition to the Fort Worth headquarters office.
Our loan officers have a clear understanding of financing for agricultural and recreational real estate, rural homes, agribusinesses, operating lines of credit, and equipment and livestock. Lone Star Ag Credit is part of the Farm Credit System which is a nationwide network of cooperative agricultural lenders.
Published March 3, 2014