What is Mississippi Land Bank?
Mississippi Land Bank is a financial service provider specializing in rural living and agricultural lending services. Mississippi Land Bank offers short-term and intermediate-term loans for operating/production lines of credit, equipment loans, and improvement loans for rural properties. Mississippi Land Bank also offers long-term loans for purchasing, refinancing, and improving rural properties of most types and sizes. Mississippi Land Bank is headquartered in Senatobia and has six full-time branch offices located in Senatobia, Clarksdale, Cleveland, Starkville, Tupelo and Corinth. In addition to the full-time locations, Mississippi Land Bank has three satellite locations that are available on an appointment-only basis. We are cooperatively owned and locally operated.
What does it mean that Mississippi Land Bank is cooperatively owned?
Everyone obtaining a loan through Mississippi Land Bank becomes an owner of the association through the purchase of stock. The amount of stock depends upon the type of loan and the loan amount. Funds for the stock can be included in most loans. Ownership of this stock gives you the right to participate in the election of the board of directors. Typically, the financial performance of the association allows borrowers to be paid patronage and/or dividends, which further reduces the cost of borrowing for our customers. Since 1996, Mississippi Land Bank has returned nearly $70 million to our member-borrowers.
Who operates the association?
Mississippi Land Bank is supervised by a board of directors elected by the borrowers of the association. The directors employ professional personnel to manage the operations of the association. The association operates under policies and procedures adopted by the board of directors and the management team.
Is Mississippi Land Bank a government entity?
No. The association is privately owned by our member-stockholders.
What types of loans does Mississippi Land Bank make?
We make loans to purchase land, refinance existing mortgages and other debts, construct and repair homes and other buildings, make property improvements, construct or improve agribusiness facilities, and purchase irrigation equipment. We also make farm production loans, equipment loans, livestock loans, and other loans for personal or farm needs with appropriate terms available depending upon the need of the borrower.
Does Mississippi Land Bank make home loans?
Yes. We make loans for the purchase, construction, refinance and improvement of homes located in rural areas. We also finance land for rural homesites.
How much can I borrow?
The amount an applicant can borrow is based upon many factors that can only be analyzed by one of the members of our professional lending staff. The collateral, financial strength, past history and repayment ability of the applicant will determine the total amount that can be borrowed. Please contact one of our branch offices and discuss the options with one of our professionals today.
Does the association accept deposits?
Mississippi Land Bank is not a depository, but we offer an interest-bearing funds-held account for our borrowers on certain types of loans. Interest earned is applied to interest due on the next loan installment. Money in the funds-held account can be used to pay loan installments, as well as be withdrawn for other limited purposes.
What is a patronage refund?
As an agricultural credit cooperative, Mississippi Land Bank is owned by the member-borrowers who purchase stock/participation certificates in the cooperative. At the end of each fiscal year, the board of directors may choose to either retain the association's net income to strengthen its capital position or to distribute some or all of the net income to members by declaring a patronage refund, which is distributed to members in proportion to their use of the cooperative.
Where does the Mississippi Land Bank obtain funds to make loans?
Although most lending decisions are made by local staff members, the Mississippi Land Bank is a part of the nationwide Farm Credit System and is affiliated with the Farm Credit Bank of Texas, located in Austin, Texas. The Farm Credit Bank provides funding for the association by selling bonds to investors in the nation's money markets.