CoBank Announces 2020 Board Election Results
DENVER (September 21, 2020) — 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 2021 Board of Directors.
A total of four board seats were on the ballot. The names of each successful candidate are listed in the following table, along with region, type of seat, occupation, residence and term expiration date.
|Region||Type of Seat||Name||Occupation||Residence||Term Expires|
|Central||One Stockholder One Vote||David J. Kragnes*||Owner, David Kragnes Farm||Felton, Minn.||2024|
|East||One Stockholder One Vote||Russell G. Brown*||Market President, Northern Neck Region Atlantic Union Bank||Warsaw, Va.||2024|
|Mid Plains||One Stockholder One Vote||Duane R. Anderson||CEO, Ag Partners Cooperative Inc.||Seneca, Kan.||2024|
|South||Modified Equity||Robert M. Behr*||CEO, Citrus World Inc. and its subsidiaries||Lakeland, Fla.||2024|
|*Incumbent board member|
Also today, CoBank announced the reappointment of outside director Michael S. Brown to a four-year term expiring in 2024. Brown, originally appointed to the board in 2017, is a retired commercial banking executive who previously worked for more than 30 years with JPMorgan Chase and predecessor organizations. He resides in San Diego.
“On behalf of the entire board, I would like to extend our congratulations to these directors and to share my gratitude for their service to CoBank,” said Kevin Riel, chair of the CoBank board. “We look forward to working together to support our customers in the year ahead and ensuring the bank continues to fulfill its mission of service to America.”
CoBank will have 14 elected directors from six regions in 2021. The board also includes two outside, independent board members with no customer or Farm Credit System affiliation, and two additional appointed directors as provided for under the bank’s governance bylaws.
The bank utilizes an independent Nominating Committee to develop a slate of qualified director candidates for each election. No current board member may serve as a member of the Nominating Committee. No member of management sits on the CoBank board. Click for additional information about the bank’s governance and board member biographies.
CoBank is a $152 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.
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