Corsicana Daily Sun, Corsicana, Texas

April 6, 2013

Business News

From Staff Reports
Corsicana Daily Sun

Corsicana — Texas Land Bank

In mid-April, Texas Land Bank is distributing $4.3 million in cash to its customers. This record-high patronage dividend represents a portion of the bank’s solid earnings in 2012.

As a local rural lending cooperative, Texas Land Bank is owned by the people who use its services, and shares its profits with its patrons in the form of a patronage dividend. This is the 20th consecutive year that Texas Land Bank has returned cash to its stockholder-customers, and with this year’s distribution, the co-op’s patronage dividends and other capital distributions have totaled more than $45 million.

“Not many banks share their profits with their borrowers,” said Charles Gant, Texas Land Bank chief executive officer. “We are proud of the long history of our patronage program, which allows us to share our earnings with our stockholders. This benefit of doing business with a cooperative effectively lowers the costs of borrowing.”

The lender’s year-end financial report was highlighted by record earnings. Net income for the year ended Dec. 31, 2012, was $11.5 million, an increase of 13.9 percent from the $10.1 million in earnings reported in 2011. Net interest income increased to $15 million, from $13.8 million in 2011, and net loans totaled $479.1 million, up from the $464.8 million reported in 2011. Credit quality remained strong in 2012, with 97.8 percent of total loans classified as acceptable or special mention.

A part of the nationwide Farm Credit System, Texas Land Bank provides financing for rural real estate, country homes, agricultural production and agribusinesses in 16 central Texas counties. The financing co-op is headquartered in Waco and operates branch offices in Corsicana, Hillsboro, Lampasas, Temple and Waco.

Wally’s Party Factory

Relay for Life overnight community fundraising walks are popping up in towns everywhere and Wally’s Party Factory is helping the cause with an internal campaign aimed at raising money for the fight against cancer. Wally’s, which is the nation’s largest privately-held chain of family-owned independent party supply stores, is giving employees the opportunity to wear blue jeans to work in exchange for a small donation.

The Blue Jeans for Life Benefit will run the entire month of April through June 1. All proceeds from the 27 brick and mortar store locations across Texas and Oklahoma will be donated to the American Cancer Society.

“We have had great success with company-wide cancer fundraisers and are committed to continue to help make a difference in our communities,” said Walter Erwin, President of Wally’s Party Factory.  “Our team members always look forward to raising awareness for cancer research and we are grateful for their participation.”

Wally’s offers an extensive selection of party supplies and balloons for all occasions and themes including an extensive Graduation party department featuring school colors with balloons, décor, party favors, wearables and accessories.

Wally’s Party Factory has a company-wide commitment of appreciation for those that serve our community and nation by offering a 10 percent in-store discount to educators and members of the armed forces.