What does cooperatively owned mean?
A Cooperatively owned means that each borrower has an ownership interest in the association. Everyone who obtains a loan through the Louisiana Land Bank becomes an owner of the association through the purchase of stock equal to two percent of their loan amount. Funds for the stock can be included in the loan. Ownership of this stock provides you the right to participate in the business affairs of the association, including election of the board of directors. Typically, the financial performance of the association allows borrowers to be paid a patronage refund and/or dividend, which further reduces the cost of borrowing for our customers.
