Lone Star Ag Credit Looking Good in First Quarter 2014
Forth Worth, Texas — Lone Star Ag Credit posted strong earnings in its first quarter since merging with Texas Land Bank on January 1, 2014. Net income of $6.06 MM exceeded the forecast for the first quarter ending March 31, 2014, and post-merger operations are coming together well.
Another highlight already in 2014 was the $11.95 MM cash patronage paid to Lone Star's owners/borrowers in April, based on the results from 2013 operations. This dividend payment reduced borrowers' interest costs by an average of 1%. As part of its cooperative structure and heritage, patronage dividends set Lone Star apart from other lenders.
“Paying patronage dividends back to our borrowers is one of the most rewarding actions for the Directors on our Board", says current Chief Executive Officer, Troy Bussmeir. “Continuing profits and improving credit quality in the first quarter makes it even better."
Lone Star continued to be a sound and stable source of credit for our customers by improving the quality of its assets and growing its portfolio. As an excellent source for credit needs in our territory, Lone Star is equipped to provide existing and potential customers with the focus and expertise farmers, ranchers, and rural land and home owners find invaluable.
We take customer service very seriously. Because of our recent merger with Texas Land Bank we have credit offices located in 48 counties in North and Central Texas! They are ready to serve you and answer any questions you may have about our loan programs. One of those programs includes special attention regarding Young, Beginning and Small Farmers and Ranchers. Our staff can tell you more about it and other loan programs for existing and new rural landowners.
Part of the Farm Credit System, a nationwide network of cooperative agricultural and rural land lenders, Lone Star Ag Credit has and will continue to excel in providing the financing for Texans. We can deliver most any size of loan for agricultural and recreational real estate, rural homes, agribusinesses, operating lines of credit, equipment and livestock financing.
Our credit offices locations are in Fort Worth, Sweetwater, Abilene, Stephenville, Weatherford, Cleburne, Denton, Sherman, Paris, Round Rock, Waco, Temple, Hillsboro, Lampasas, Corsicana and New Boston. The headquarters office is located near downtown Fort Worth.
Published May 30, 2014