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Good News and Good Food for Lone Star Ag Credit Customers

SHERMAN, Texas – More than 220 Lone Star Ag Credit borrowers recently attended the Sherman credit office's 13th Annual Borrower Appreciation Dinner and received more than a good meal. They were also given the news that the lending cooperative would be sending out $12.1 million in patronage dividend checks in April based on 2014 earnings.

The announcement, made by Lone Star Ag Credit's Sherman Office President, Michael Shelley and Chief Executive Officer, Troy Bussmeir, was a highlight of the rural lending cooperative's annual dinner event, held March 24 at the Hilton Garden Inn in Sherman.

"For Lone Star, 2014 was an excellent year. We had a record $1.43 billion in loan volume on December 31 and $27.1 million in net income for the year," Shelley said. "We appreciate our customers and look forward to returning a large portion of our 2014 income to our borrowers as added value for their business."

The financing co-op's distribution of $12.1 million in patronage payments to its owner-borrowers this Spring will effectively lower borrowers' interest rates for 2014 by a full percentage point.

The dinner event concluded with a drawing for door prizes, including a 50-inch television, and gifts for everyone in attendance.

Lone Star's Sherman office, which primarily serves Cooke, Fannin and Grayson counties, has a long history in North Texas. On May 22, 1917, W.S. and Mary Smith of Grayson County became the first Farm Credit customers in the state, when they signed a loan with the Van Alstyne National Farm Loan Association, which after numerous mergers and name changes, is now Lone Star Ag Credit.

Lone Star Ag Credit provides financing for rural land, rural homes, agribusinesses, livestock, agricultural equipment and operating expenses. It is headquartered in Fort Worth and has credit offices in Abilene, Cleburne, Corsicana, Denton, Fort Worth, Hillsboro, Lampasas, Mount Pleasant, New Boston, Paris, Round Rock, Sherman, Stephenville, Sweetwater, Temple, Waco and Weatherford.

The lending organization is a part of the nationwide Farm Credit System.


Published May 18, 2015