The Heritage Land Bank board of directors has announced that it will return a cash dividend of $3.9 million to member-borrowers in north and east Texas.
“We will return more than $3.9 million of our 2020 net income to eligible customer-owners,” said Bill Tandy, Chief Executive Officer of Heritage Land Bank. “This is equal to 45% of our net income, a record level of return that reflects our ongoing commitment to share our cooperative’s success with our member-borrowers.”
Heritage Land Bank has been returning a portion of its profits to borrowers for 27 of the last 28 years, a total of $47.5 million in cash dividends paid since 2000. Dividends are paid in full and in cash annually, enabling borrowers to invest in their operations, families and communities.
A full summary of Heritage Land Bank’s 2020 financial performance is available in the 2020 Annual Report, available for download by clicking here.
Eligible shareholders should receive their dividend checks by mid-April.