Thursday, March 13, 1997

Stamford Electric Cooperative to elect directors Saturday

By J.T. SMITH / Farm Editor

The election of three directors to fill expiring terms will highlight the 58th annual meeting of the Stamford Electric Cooperative, Inc., on Saturday at the Stamford High School Auditorium.

The event will begin with a buffet dinner at 5 p.m., followed by the business meeting at 6:30 p.m.

Terms of three directors will expire at the meeting.

Incumbent Wilbert Klose of Haskell is the nominee for District 3.

Billy Middlebrook of Haskell, also an incumbent, is the nominee for District 4.

Jimlee Baucum, an incumbent director of Anson, is the nominee for District 9.

Stamford Electric Cooperative is a rural electric distribution facility that furnishes electric power to parts of six counties: Jones, Haskell, Fisher, Shackelford, Stonewall, and Throckmorton.

General Manager Jerry Terrell urges all electric co-op members to attend their meeting to stay informed about their cooperative and participate in the election of directors.

Dividend distribution

More than 350 area farmers, ranchers, and rural property owners in Brown, Comanche and Mills counties will benefit from a dividend distribution announced by the Federal Land Bank Association of Brownwood.

The association's board of directors declared an 18 percent dividend payment to all association stockholders of record as of June 30, 1996. This payment will be deposited in stockholders' Future Payment Funds Held accounts and applied toward their next loan installment payment.

The distribution effectively lowers the association's interest rate by 1 percent, and equates on average to more than one monthly payment on a typical association loan.

This year's dividend comes on the heels of a 15 percent dividend paid in 1996 and a stock equalization in 1995 that was the equivalent of an 18 percent dividend.

"We have had several excellent years, thanks in large part to continued support, referrals and patronage by our members," says Herbert Loeffler, association chief executive officer. "We are delighted that our stockholders can share in our financial success through the return of profits in this way.

The FLBA of Brownwood is a stockholder-owned lending cooperative. It has about $30 million in long-term agricultural, rural housing, and agribusiness loans outstanding to stockholders in Brown, Comanche, and Mills counties.

The FLBA is under the direction of a stockholder-elected board of directors.

Donald W. Johnson of Brownwood serves as chairman; Joe Reeves of Mullin, vice chairman; R.C. Edmondson, Goldthwaite, director; Jerry Richardson, Brownwood, director; Jerry Gore, Comanche, director; and James Pettit, Gustine, director.