The stockholders of Mississippi Land Bank gathered together on April 11th in Como, Mississippi to hear about the success of the Association. Chairman Myers and President Craig Shideler both outlined in their discussions the success of the organization in 2016.
Chairman Myers spoke of the local agriculture economy and how we are in a down cycle now in agriculture. He said the best advice he was given came from his father who told him, “If you make a good crop, save some of that money – you’ll need it when things aren’t good.” He also stated he was especially pleased to promote the cash patronage payment that was paid out in the amount of $2,900,000. This represents the equivalent of a ½ percent reduction in the interest rate paid by the stockholders. He reminded the stockholders present that when Mississippi Land Bank declares a patronage it is a cash patronage and every bit is paid out to the stockholders at that time, it’s not paid out over a several year period.
President Shideler reviewed the year-end financial highlights with the crowd prior to the start of the election process. Three director positions were up for election and the following were re-elected to 3-year terms:
Director Morgan Gulledge gave an informative update on the U.S. Economy and the financial markets. He talked about Nationalism vs. Globalism and the role it plays in agriculture. He also outlined some information that he presents to the board at each of their meetings.
Following the program and announcement of the election results, five guests were selected for door prizes. Those receiving prizes were Steve Cummings, Bill Fitts, Rocky Fleming, Jay Turner and Porter Robinson. The meeting concluded with a steak luncheon.