CoBank Announces Special All-Cash Patronage Distribution
Approximately $96 Million Will Be Disbursed To Eligible Borrowers In September 2018
Board-Approved Payout Tied To Federal Tax Legislation Enacted Last Year
DENVER (August 09, 2018) — CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced a $100,000 gift to the American Red Cross to support wildfire relief efforts throughout the country.
Currently, more than 100 wildfires have burned more than 1.6 million acres across 14 states, including Alaska, California, Colorado, Idaho, Oregon and Washington. In California, the Carr fire has killed seven people and destroyed nearly 1,100 homes, growing to approximately 160,000 acres while the Mendocino Complex fire is on course to become the largest wildfire in California history.
The $100,000 grant includes $5,000 specifically earmarked toward the Carr fire to match a local contribution to the Red Cross by Golden State Farm Credit, one of CoBank’s affiliated Farm Credit associations in California. The remaining $95,000 is designated for general Red Cross wildfire relief efforts nationwide.
“The 2018 wildfire season has created tremendous damage throughout the country,” said Tom Halverson, president and chief executive officer of CoBank. “The devastation has been indiscriminate, impacting urban, suburban and rural communities alike. CoBank is proud to partner with the American Red Cross to support their tireless efforts to provide support and relieve the suffering of those impacted by these fires.”
“The American Red Cross is tremendously grateful for CoBank’s generous show of support,” said Gino Greco, chief executive officer of the American Red Cross, Colorado & Wyoming. “The bank has been a dependable partner and is one of our largest contributors in the Colorado/Wyoming region. With the support of donors like CoBank and our incredible network of volunteers, the Red Cross is able to make a profound impact on countless lives, providing aid and support when people need it most.”
CoBank is a $131 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.
For more information about CoBank, visit the bank's web site at CoBank.com.
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