Newsroom & Financials

CoBank Shareholders Approve Bylaw Amendments And Preferred Stock Revolver

Posted 12/19/2016

CoBank announced  that shareholders have approved an amendment to the bank’s capitalization bylaws and a preferred stock revolver that provide increased capital flexibility regarding the use of preferred stock.

Previously, the bank’s capitalization bylaws limited CoBank to $1.5 billion in outstanding preferred stock at any one time. The bylaw amendment and preferred stock revolver, which had been endorsed by the board of directors, increase the cap to $2.5 billion and provide shareholder authorization for the bank to issue preferred stock on an as-needed basis up to the new limit through December 31, 2026.  Any preferred stock issuances would still require approval from CoBank’s board of directors and its independent regulator, the Farm Credit Administration. Read more...

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