CoBank Commits $250,000 In Support Of Hurricane Florence Relief Efforts

CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced it is committing $250,000 to support disaster relief efforts in the wake of Hurricane Florence. The bank has made an immediate contribution of $100,000 to the American Red Cross to support its relief efforts and has created a $150,000 fund to match disaster relief contributions by customers.

At its height a category 5 hurricane, Florence had decreased to a tropical depression by Monday. But the slow-moving storm created significant damage throughout North Carolina and South Carolina. Widespread flooding has occurred in the region and rivers are cresting, leaving more than 9 million people under flood warning. More than 30 deaths have been attributed to the storm.

“We deeply appreciate the efforts of the American Red Cross and other agencies to help people impacted by Hurricane Florence, including those in rural areas,” said Tom Halverson, CoBank’s president and chief executive officer. “We are committed to doing our part and urge our customers to take advantage of the CoBank matching fund in order to increase the delivery of assistance and resources to their local communities.”

“The American Red Cross continues to work around the clock to support those impacted by Hurricane Florence,” says Gino Greco, chief executive officer of the American Red Cross, Colorado & Wyoming. “More than 3,000 Red Cross disaster workers from around the country have been mobilized to help shelter and feed evacuees and to provide other necessary services. These are things we could not do without the tremendous commitment of our volunteers and our donors. CoBank has been a tremendous partner, helping to provide the financial resources we need to do what we do best.”

In addition to the CoBank contribution, fellow Farm Credit member AgFirst Farm Credit Bank, itself headquartered in South Carolina, has also committed $100,000 to the American Red Cross to support relief efforts.

“I commend AgFirst for their generous and timely response to support those impacted by this terrible storm,” says Halverson. “Farm Credit has a long-standing tradition of supporting our customers and communities in good times and bad and we are proud to partner with AgFirst and the American Red Cross at this difficult time.”

CoBank matching fund

CoBank’s Hurricane Florence Disaster Relief Fund will be available through October 31 or the point at which the fund is fully exhausted, whichever comes first. The fund will be operated on a first come, first served basis and is open to any CoBank customer or Farm Credit organization that makes a contribution to support Hurricane Florence relief efforts. Preference will be given to customers operating within the impacted areas.

Customers may apply for a matching grant by completing the application available here.

Questions about the program and/or completed applications may be directed to Sherry Johnson, senior manager of Corporate Social Responsibility at sjohnson@cobank.com or 303-740-6518.

About CoBank

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 www.cobank.com.

Contact

Sherry Johnson
Senior Manager, Corporate Social Responsibility
303-740-6518
sjohnson@cobank.com