Association News

Message from the CEO: Texas Land Bank Remains Financially Strong

As a Texas Land Bank customer, you may be wondering if the current situation in the financial markets could impact your ability to borrow money in the coming year. Indeed, some commercial lenders may be experiencing a cash shortage, but Texas Land Bank currently has ample access to funds to lend to creditworthy customers.

Texas Land Bank is part of the Farm Credit System, the nation’s oldest and largest source of agricultural and rural financing. Unlike commercial lenders, the Farm Credit System is a network of rural financing cooperatives that receives its funds from the sale of AAA-rated Farm Credit bonds in the nation’s money markets.

Nationally, Farm Credit is a financially strong, tightly regulated $208-billion lending organization, which had $1.55 billion in net earnings during the first six months of this year. At June 30, 2008, over 98 percent of all Farm Credit loans were ranked in the highest credit-quality classifications.

Unlike Fannie Mae and Freddie Mac, the Farm Credit System is a cooperative that is owned by its borrowers, and does not have any publicly traded stock. Any residual benefits are returned to borrowers in the form of patronage. In 2007, the System returned $571 million in cash patronage to customers.

Similarly, Texas Land Bank reported strong earnings and 98 percent–plus credit quality through the third quarter of 2008. Our capital position is very strong, and we continue to employ proved underwriting practices.

During the present credit crunch, some lenders may have limited funds available to lend to farmers and ranchers. Texas Land Bank, though, will continue to fulfill its only mission — to finance agriculture and rural America.

Charles P. Gant
Chief Executive Officer

Texas Land Bank Continues Growth in Third Quarter

WACO, Texas –Texas Land Bank, a rural financing cooperative serving 16 central Texas counties, recently reported strong earnings and good credit quality for the third quarter of 2008.

Gross loan volume of $413.2 million at Sept. 30, 2008, showed a 7.1 percent increase from Dec. 31, 2007. Credit quality remained strong, with 98.5 percent of loans rated acceptable.

Net income for the nine months ended Sept. 30, 2008, was $6.2 million, as compared to $3.1 million for the same period in 2007. The increase in net income for the first nine months of 2008 was primarily the result of a decrease in the provision for loan losses and an increase in net interest income.

Texas Land Bank, ACA ended the third quarter of 2008 with assets of $426.7 million. Members’ equity in the cooperatively owned lending organization totaled $81.9 million, increasing by $6.2 million from Dec. 31, 2007.

“Each quarter this year has shown steady growth, which is good news for our borrower-stockholders,” said Charles P. Gant, chief executive officer. “And, in light of the current situation in the financial markets, we are pleased to continue to provide a stable source of credit for our members.”

Texas Land Bank provides financing for rural real estate, country homes, agricultural production and farm- and ranch-related businesses throughout the greater central Texas area. The financing co-op is headquartered in Waco and operates branch offices in Corsicana, Dallas, Georgetown, Hillsboro, Lampasas, Temple and Waco.

It is part of the Tenth Farm Credit District, which reported net income of $218.4 million for the first nine months of 2008, an increase of 20.3 percent from the same period in 2007.

Aaron Nors Promoted to Loan Officer

Texas Land Bank CEO Charles P. Gant recently announced the promotion of Aaron Nors from Credit Analyst to Loan Officer. He began his new role as a direct lender working in the Texas Land Bank Waco Credit Office.

Aaron has been a member of the Texas Land Bank team for over 2 yrs. Chief Credit Officer J. Keith Finstad stated “Aaron has been a tremendous asset providing support for all credit offices. Along with working in the Credit Department he has also worked extensively assisting the corporate office in its Capital Markets participation portfolio.”

Texas Land Bank provides financing for rural real estate, country homes, agricultural production and farm- and ranch-related businesses in 16 central Texas counties. The financing co-op is headquartered in Waco and operates branch offices in Corsicana, Georgetown, Hillsboro, Lampasas, Temple, Waco and Dallas.  Texas Land Bank also operates contact offices in Marble Falls and Waxahachie. It is part of the Farm Credit System nationwide network of rural lending cooperatives, established by Congress in 1916.

Texas Land Bank Employee Conference

Every employee of the Texas Land Bank recently gathered in Waco for an annual employee conference. CEO Charles Gant welcomed the employees to the meeting.  Each Credit Office participated in an interchange of goals and ideas to better serve stockholders.

All Employees spent a morning with Robert R. Asaf from Dale Carnegie Training who led a Leadership Training Seminar.  Each employee was motivated with enthusiasm and gained insight on positive communication skills.

A highlight of the conference was a tour of Tehuacana Creek Vineyards and Winery owned and operated by stockholders Ulf and Inga-Lill Westblom.  http://www.wacowinery.com/. The first vineyards were planted in 1997 and have flourished over the years. The group visited the vineyards and learned about the history and process of winemaking.

Texas Land Bank Employee Participates in MDA Fundraiser

WACO, Texas –Suzanne Majewski, Customer Service Representative of the Texas Land Bank Waco Credit Office recently spent time as a “Jailbird” for the Muscular Dystrophy Association (MDA) Lock-up. She was successful in raising $680.00 bail money for her release.  The donations raised by Suzanne will help MDA continue research, provide medical equipment, clinic visits, MDA children’s camps and support groups in the Waco area.

Texas Land Bank CEO Charles P. Gant commended Suzanne:  “I appreciate Suzanne and her service to the community through her participation in assisting the families served by the MDA Association.”

Record Attendance at 2008 Stockholder Meeting

The annual stockholder’s meeting of the Texas Land Bank, ACA was held April 24, 2008 in Waco, Texas with a record number of stockholders in attendance and with many first-time attendees present.

The stockholders enjoyed a meal together and participated with interest and involvement in the meeting that followed. CEO Charles Gant commented, “It is great to see our stockholders attend their meeting and take interest in their lending cooperative’s operation.  Association performance has been very good and the results of our operation speak highly and are a good reflection of our stockholder borrower/owners.”

A director election was held during the meeting. Elected for Region 3 were Barnett Baker and Derwood Cobb. These two directors represent Burnet, Milam and Williamson counties.

Linda Brandon Receives President's Choice Award

Linda Brandon, assistant vice president of the Texas Land Bank, ACA has recently been awarded the President’s Choice Award by the Waco Association of Realtors, Inc.

This award is given by the previous year’s president as a sign of appreciation for the person who has helped him/her the most during his/her presidency.  This is a very honorable award.

Linda has served many years representing the Texas Land Bank, ACA in various Waco Association of Realtors community service projects and association events including American Home Week, The Rainbow Room, Toys for Tots, Habitat for Humanity, Waco Family Abuse Center, Family Fun Day at Lion’s Park, Salvation Army and many other functions.

Tara DeLeon of the Waco Association of Realtors stated that “Linda is always offering help during the year and she is a valuable committee member. She makes sure every detail is accounted for and goes above and beyond to make events sponsored by the Texas Land Bank special.”

Congratulations to Linda Brandon on a job well done.

Texas Land Bank Distributes $7.5 Million Patronage

Texas Land Bank distributed $3 million in cash patronage to its stockholder-customers. Checks were mailed to borrowers in mid April. Learn more...