Lone Star Ag Credit Thanks Stephenville Branch Customers
Stephenville, TX – Stockholders and special guests of Lone Star Ag Credit’s Stephenville branch turned out on July 10 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,” Credit Office President, Gerrit Schouten said. Lone Star Ag Credit is now a $1.35-billion rural lender that serves 48 Texas counties with 16 credit offices.
At the dinner, stockholders were reminded that because they are part of a cooperative, eligible borrowers received a patronage dividend check from Lone Star in May. The lending co-op distributed a total $11.95 million in cash patronage to stockholders, based on the cooperative’s strong 2013 financial performance. The patronage dividend effectively reduced borrowers’ interest rate for 2013 by approximately 1 percentage point.
The evening closed with the presentation of gifts for everyone who attended and a drawing for door prizes.
Established in 1917 as part of the nationwide Farm Credit System, Lone Star Ag Credit 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. The Stephenville branch distributes weekly for Meals on Wheels and is involved with Relay for Life, the Stephenville Lions Club, the Optimist Club, and other organizations.
Published July 11, 2014