CoBank board approves downsizing and other governance changes

DENVER (December 10, 2025) – CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced that its board of directors adopted the recommendations of the Board Restructuring Committee to downsize the board and make other governance changes that will be considered by shareholders in early 2026.

The proposed changes to the bank’s governance bylaws stem from a comprehensive review of governance conducted by a Board Restructuring Committee appointed by the board. The committee, composed of shareholder representatives and CoBank directors, met over a ten-month period during 2024 and 2025 and presented recommendations to the board at the conclusion of that process. The recommendations include the elimination of two existing elected board seats, one in the Central region and one in the West region, as well as modifications to board industry experience requirements. Complete information about the recommended changes will be provided in the voting materials that will be distributed to bank shareholders in March.

2026 board officers 

Also today, CoBank announced board officers for 2026. The CoBank board elects its officers to serve a one-year term commencing January 1 and expiring December 31 each year.

Brandon Wittman was elected as the board chair. Wittman has been a director since 2018, most recently serving as second vice chair and chair of the Governance Committee. He is the CEO and general manager of Yellowstone Valley Electric Cooperative, an electric distribution cooperative in Huntley, Montana. Wittman also serves as a director of The Farm Credit Council and Montana Electric Cooperatives Association.

Wittman succeeds Kevin Still, who has chaired the board for the past four years. Still, CEO of Indiana-based Keystone Cooperative, will remain a CoBank director through the expiration of his current term in December 2026.

Matthew Beaton was elected as first vice chair. Beaton joined the board in 2022 and serves as chair of the Risk Committee. Beaton is the owner and president of Beaton’s, Inc., a cranberry farming operation, and owner and president of Sure-Cran Services, Inc., a provider of custom agricultural services, both in Massachusetts.  He serves on the board of directors for Ocean Spray Cranberries and the Cape Cod Cranberry Growers Association and is a former director and past chair of Farm Credit East.

Michael Marley was elected as second vice chair. He joined the board in 2020 and is a member of the Audit Committee. He is the owner of several irrigated farming, dairy and ranching operations, all located in Roswell, New Mexico. He is also an owner of Advanced Thermovoltaic Systems, a renewable energy company.  He serves on the boards of Dairy Max, Dairy Farmers of America and the United Dairy Industry Association and is a former director of Farm Credit of New Mexico, now part of American AgCredit.

“I look forward to working with all of our directors in the coming year to deliver on our strategic priorities and position CoBank for continued long-term success and mission service,” Wittman said. “I would also like to thank and recognize Kevin Still for his leadership and service to the bank over many years.”
 
New director appointed 

The board also announced today that it has appointed John Forlines as an outside director for a four-year term beginning in 2026. Forlines brings nearly 40 years of experience in mortgage banking, enterprise risk management, customer relations and internal audit. During a 33-year tenure at Fannie Mae, Forlines held more than 10 leadership roles and served on senior management committees, with deep expertise in credit risk, enterprise risk management, internal audit and compliance. He has led enterprise-wide initiatives, managed multi-billion-dollar portfolios and championed risk frameworks.

“We’re delighted that John has joined our board and look forward to his contributions and perspective in our boardroom,” Wittman said.
 
2025 patronage distributions 

The board will hold a special meeting on December 29, 2025 to determine 2025 patronage distributions for all classes of patronage-eligible borrowers. Patronage amounts by pool are expected to be announced following the meeting and expected to be distributed in March 2026.

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 79,000 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.