Lone Star Ag Credit Thanks Paris Branch Customers
Paris, TX – More than 100 stockholders and special guests of Lone Star Ag Credit's Paris branch turned out on June 24 for the office's first customer appreciation dinner since the lending cooperative merged with Texas Land Bank earlier this year.
“This merger has made us a larger and stronger lending institution," CEO Troy Bussmeir told the group. Lone Star Ag Credit is now a $1.35-billion rural lender that serves 48 Texas counties with 16 credit offices.
Barbara Golden, Paris branch president, greeted the group and reiterated Bussmeir's sentiments, stating that the office has experienced positive loan growth over the last year. “It is nice to see many of our customers face to face at this event," she said. “We hope they keep coming back each year."
Stockholders were also reminded that because they are part of a cooperative, almost all of them received a patronage check in May. This year, a total of $11.95 million was distributed in a cash dividend payment to stockholders according to their loan amount. The dividend payment is voted on by the board of directors and is based on the bank's 2013 performance. It was equal to approximately 1 percent of a borrower's loan balance. In the past decade, the co-op has distributed more than $80 million in patronage dividends to stockholders.
The evening closed with a gift for everyone who attended and a drawing for door prizes which included a pole saw, a flat screen TV and cash cards, among other items.
As part of the nationwide Farm Credit System, Lone Star Ag Credit has been a reliable source of financing for rural America since 1917. The lender provides financing for agricultural and recreational real estate, rural homes, agricultural equipment, livestock, ag operating expenses and agribusiness firms.
The member-owned co-op has a long tradition of community service, and this year began sponsoring the livestock judges at the Lamar County Spring Livestock Show. In addition, Paris office staff participate in the “Reading to the Future at Chisum" program and contribute to the Hard Luck Awards given at the Red River County Fair.
Published June 30, 2014