CoBank Commits $300,000 in Support of Midwest Flood Relief
Matching Fund Established to Support Customer Contributions
DENVER (March 25, 2019) — CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced it has committed $300,000 to support relief efforts resulting from the ongoing flooding in the Midwest.
This critical agricultural region has experienced record flooding in the wake of the bomb cyclone, a rapidly intensifying weather event that brought extreme cold, heavy snow and rain to the region in early March. The states of Nebraska, Iowa and Wisconsin have declared states of emergency and Nebraska’s Governor has called it the most widespread disaster in the state’s history. Reports indicate that surrounding states may see additional flooding in the coming weeks.
“The recent floods have profoundly impacted lives and livelihoods throughout the Midwest,” said Thomas Halverson, CoBank president and CEO. Our hearts go out to those affected by this disaster and CoBank is proud to support relief efforts throughout the region. We hope that our contributions will help to ease the most immediate suffering and assist our customers and the communities they serve as they begin the journey to recovery.”
CoBank is partnering with Farm Credit Services of America, a fellow member of the Farm Credit System serving farmers and ranchers throughout Iowa, Nebraska, South Dakota and Wyoming, to provide immediate contributions to support the farmers, ranchers and rural communities impacted by this disaster. Recipient charities include the American Red Cross, the Nebraska Cattlemen’s Disaster Relief Fund, the Nebraska Farm Bureau and the Farm Credit System Employee Relief Fund.
In addition, CoBank will work with its customers, which include farmer-owned agribusiness cooperatives and rural electric, communications and water companies to support their relief efforts. The bank has established a $170,000 fund that will match the contributions of its customers and employees to charitable organizations providing flood relief.
CoBank matching fund
CoBank’s Midwest Flood Relief Fund will be available through April 19 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 affiliated Farm Credit organization that makes a contribution to support Midwest flood relief efforts.
Customers may apply for a matching grant by completing the application available on cobank.com. Questions about the program and completed applications may be directed to Sherry Johnson, senior manager of Corporate Social Responsibility at firstname.lastname@example.org or 303-740-6518.
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.
For more information about CoBank, visit the bank's website at cobank.com.
Certain of the statements contained in this news release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual future business may differ materially and adversely from our expectations expressed in any forward-looking statements. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “plan,” “project,” “target,” “may,” “will,” “should,” “would,” “could,” or similar expressions. Although we believe that the information expressed or implied in such forward-looking statements is reasonable, we can give no assurance that such projections and expectations will be realized or the extent to which a particular plan, projection or expectation may be realized. These forward-looking statements are based on current knowledge and subject to risks and uncertainties. We encourage you to read our Annual Report and Quarterly Reports located on the bank’s website at www.cobank.com. We undertake no obligation to revise or publicly update our forward-looking statements for any reason.
Senior Manager, Corporate Social Responsibility
Vice President, Corporate Communications
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August 5, 2019
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