Mississippi Land Bank’s board of directors has approved the distribution of a $1.578 million cash patronage to customer-stockholders. The $1.578 million is a result of a successful fiscal 2010 and 5 percent overall growth from 2009, the lender said in a press release.
Mississippi Land Bank is a cooperative lender, and as such, all customers are stockholders in the company and benefit from the success of the bank. Since 2004, Mississippi Land Bank has returned more than $16.6 million to its member-borrowers.
“We are very pleased to be able to give back to our customers at a time when every penny of extra income helps,” said Abbott Myers, board chairman.
“We feel it is of the highest importance to put our member stockholder's patronage ahead of any annual bonuses that we would pay our executives or staff. After all, it is our customers that create and fortify our success and the reason for our existence.”
The patronage checks were mailed Feb. 18.
Mississippi Land Bank provides long-term and short-term financing for agricultural land and equipment, recreational land, home sites with acreage, investment property and farm equity. There are 11 Mississippi Land Bank branch locations throughout north Mississippi.