CoBank announces 2025 board election results
DENVER – CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced results of stockholder elections for the bank's 2026 board of directors and its 2026-2027 nominating committee.
Board of directors election
A total of four board seats were on the ballot. The names of the successful candidates are listed in the following table, along with region, type of seat, occupation, residence and term expiration date.
| Central Region Modified Equity seat |
Robert N. McLennan*, Grand Forks, ND
- President/CEO, Minnkota Power Cooperative, Inc.
- General Manager, Square Butte Electric Cooperative
|
| Term expires in 2029 |
| East Region Modified Equity seat |
Matthew W. Beaton*, East Sandwich, MA
- Owner/President, Beaton’s, Inc. and Sure-Cran Services, Inc.
|
| Term expires in 2029 |
| Northwest Region Modified Equity seat |
Nathan D. Riggers, Nezperce, ID
- Partner, Riggers Clearwater Farms JV
|
| Term expires in 2029 |
| West Region One Stockholder One Vote seat |
Jon E. Marthedal*, Fresno, CA
- Owner/President, Marthedal Enterprises Inc.
- Owner/Operator, Marthedal Farms
|
| Term expires in 2029 |
|
* Incumbent board member
|
CoBank will have 14 elected directors from six regions in 2026. The board also includes two outside, independent board members with no customer or Farm Credit System affiliation, and one additional appointed director as provided for under the bank's governance bylaws.
“On behalf of the entire board, I extend our congratulations to these successful candidates and also share my gratitude for their service to CoBank,” said Kevin Still, chair of the CoBank board. “We look forward to collaborating in the year ahead to serve our customers and uphold the bank’s mission of service to America.”
2026-2027 nominating committee election
CoBank uses an independent nominating committee elected by its stockholders to develop a slate of qualified director candidates for each election. The nominating committee is composed of customer representatives and former board members that represent the bank's customer base. No current board member may serve as a member of the nominating committee.
Stockholders elected all 29 candidates presented on the 2026-2027 nominating committee slate for a two-year term.
About CoBank
CoBank is a cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving more than 78,000 farmers, ranchers and other rural borrowers in 23 states around the country. CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture, rural infrastructure and rural communities. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.