CoBank shareholders approve capitalization bylaws amendment and preferred stock revolver
DENVER (December 17, 2025) – CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced that shareholders have approved an amendment to the bank’s capitalization bylaws and preferred stock revolver that provide increased capital flexibility regarding the use of preferred stock.
Previously, CoBank’s capitalization bylaws expressly limited the bank to a cumulative balance of $2.5 billion in outstanding preferred stock. The bylaws amendment and preferred stock revolver, which had been endorsed by the board of directors ahead of the stockholder vote, increased the cap to $4.5 billion and extended the authorization period for the bank to issue preferred stock on an as-needed basis up to the new limit through December 31, 2036. Any preferred stock issuances would still require approval from CoBank’s board of directors and its independent regulator, the Farm Credit Administration.
“We’re delighted that our shareholders have approved these measures,” said Sean Burke, chief financial officer. “Issuing preferred stock is an important part of our capital plan because it supplements our capital base without asking customer-owners to contribute additional capital either from lower levels of cash patronage or through capital calls. We deeply appreciate the support of our customer-owners as we continue to focus on meeting their borrowing needs in all market conditions.”
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.