At Louisiana Land Bank, we always work to keep our stockholder-owners at the top of our minds, and it's never been more important than right now. During uncertain times, it is important to stay focused on the fundamentals and remember to put first things first. At Louisiana Land Bank, our first priority is you, our customer.

Since Farm Credit was established in 1917, we have always had a mission to provide creditworthy agricultural producers and rural Americans with reliable access to competitive credit. We are as focused on that mission today as we were in the beginning. We believe that fulfilling that mission requires a dedication to the people who use our services and own our business.

We are committed to making sound business decisions that are in your best interest. For example, we are paying close attention to credit analysis and review, pricing and structuring loans to the market, and closely servicing our existing portfolio. By staying true to these basics of lending, we feel confident that we will successfully navigate through today's stormy financial waters.

Louisiana Land Bank's commitment to our customers was also reinforced recently by the board of directors' decision to distribute patronage to our member-stockholders. A larger portion of the earnings we reserved, so that we can continue to serve our members well during tough economic times. The remainder, $2.6 million, was returned as patronage. We are confident the patronage program will continue to be an important part of our business plan for the future.

Doing business with Farm Credit is about more than just getting a loan; it is entering into a relationship with your lender. We recognize that, for many borrowers, times are tough right now. Some customers will face financial hardships in the year ahead; others might have questions about the stability of your co-op association.

Fortunately, the Farm Credit System is still strong, despite the recent downturn in the financial markets. Also, we are blessed to live in Louisiana. So far, our state has fared better than many other areas of the nation. However, we are not immune to the effects of a recession of large magnitude. It will undoubtedly impact our regional economy and many of our borrowers in 2009/2010.

We want to encourage you to call us if you have any questions or concerns. It is important that we maintain communication with you in order to best serve you at this time.