CoBank Announces 2019 Board Election Results

Runoff Election Scheduled for Mid Plains Modified Equity Seat

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 2020 board of directors.

A total of four board seats were on the ballot. Stockholders elected three candidates, including one incumbent and one candidate who had previously served on the CoBank board. In the Mid Plains Region, no candidate received a majority of votes cast for the modified equity seat. Pursuant to the bank’s governance bylaws, a runoff election will be held between the two candidates who received the most votes, concluding on November 6, 2019.

Winning Candidates

The names of the three successful candidates and related information are as follows:

Region Type of Seat Name Occupation Residence Term Expires
Mid Plains One Stockholder
One Vote
Stephen J. Epperson CEO, Pioneer Electric Cooperative Ulysses, KS 2020*
South One Stockholder
One Vote
Gary A. Miller President & CEO, GreyStone Power Corporation Douglasville, GA  2023
West Modified Equity Edgar A. Terry** President, Terry Farms, Inc. Ventura, CA 2023

* Special election to fill the remaining term of a vacant seat.

** Incumbent board member.


Mid Plains Region Runoff, Modified Equity Seat

In the Mid Plains Region, Michael W. Marley, owner of Corrales Dairy, LLC in Roswell, NM, and Chuck G. Tolle, owner of Tolle Farms in Deer Creek, OK, are the two candidates who received the most votes for the modified equity seat. Stockholders in the Mid Plains Region will receive a ballot by mail that must be returned to CoBank’s independent vote tabulator by 5:00 p.m. Central Time on Wednesday, November 6, 2019. Even if a Mid Plains Region stockholder voted in the recent election, a runoff ballot and signed authorization must be returned online or by mail in order for the vote to be counted in the runoff election. The candidate who receives the most votes in the runoff election will be elected to the CoBank board.

Board Restructuring

This year’s election completes the stockholder-approved downsizing of CoBank’s board of directors. The 2020 board will have 14 elected directors from six regions. The bank’s governance bylaws also require two outside, independent board members with no customer or Farm Credit System affiliation and allow up to four additional appointed directors to be appointed by the board.

2020-2021 Nominating Committee Slate

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 24 candidates presented on the 2020-2021 Nominating Committee slate for a two-year term. See the full list of the 2020-2021 Nominating Committee members.

About CoBank

CoBank is a $139 billion 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 70,000 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.

Contact

Arthur Hodges
Senior Vice President, Corporate Communications
303-740-4061
ahodges@cobank.com

Jo Solonika
Vice President, Corporate Communications
720-583-9180
jsolonika@cobank.com