Texas Land Bank, a rural financing cooperative serving 16 central Texas counties, recently distributed $3 million to its borrowers/stockholders through its patronage program.

In addition, the lending co-op allocated an addition- al $1.5 million that will be distributed to borrowers at a future date.

The board of directors approved the cash patronage and additional allocated equity based on the co-op’s financial performance in 2009. Checks were mailed to borrowers in late April.

Patronage payments are based on the amount of business a borrower does with the association and lowers the borrower’s effective interest rate.

“Our patronage program is just another example of how we continue to deliver value to our borrowers,” says Charles Gant, Texas Land Bank chief executive officer. “Sharing our success with our borrowers is a cooperative principal in which we firmly believe, as evidenced by our long history of paying patronage — we’ve returned more than $45 million to our borrowers since 1994.”

Texas Land Bank provides financing for rural real estate, country homes, agricultural production and farm- and ranch-related businesses.

The financing co-op is headquartered in Waco and operates branch offices in Corsicana, Dallas, Georgetown, Hillsboro, Lampasas and Temple.

Established in 1917, Texas Land Bank is part of the nationwide Farm Credit System.