Category: News

DENVER (August 7, 2017) – CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced financial results for the second quarter and first six months of 2017. The bank experienced loan volume growth in all three of its operating segments, and credit quality and earnings remained strong.

Net income for the second quarter increased 7 percent to $259.8 million, compared to $243.3 million in the second quarter of 2016. For the first six months of 2017, net income was $522.6 million, a 7 percent increase from $486.6 million in the same period of 2016. The bank benefited during the quarter and year-to-date periods from a lower provision for loan losses. No provision was taken during the second quarter of 2017, compared to a $20 million provision in the same period last year. Provisions for loan losses in the first six months of 2017 totaled $15 million, compared to $28 million in the prior-year period.

Net interest income for the second quarter was $347.2 million, an increase of 0.4 percent from $345.9 million in the same period last year. For the first six months of the year, net interest income increased 3 percent to $703.3 million, compared to $682.8 million for the first six months of 2016. Higher average loan volume was a key driver of the increase for both the quarter and year-to-date periods, partially offset by decreases in fair value accretion income related to CoBank’s merger with U.S. AgBank in 2012.

Average loan volume rose 3 percent in the second quarter to $95.4 billion, from $92.4 billion in the same period last year. For the first six months of 2017, average loan volume rose 6 percent to $96.7 billion, from $91.1 billion in the same period last year. The increases resulted primarily from higher levels of wholesale lending to the bank’s affiliated Farm Credit associations, driven by greater demand for credit from farmers, ranchers and other rural borrowers. The bank also saw increased demand for loans from farmer-owned cooperatives, agricultural export finance customers, rural electric cooperatives and project finance borrowers.

“Through mid-year, CoBank has delivered solid financial performance on behalf of its customer-owners,” said Tom Halverson, president and chief executive officer. “In particular, we have benefited from increased demand for credit in agriculture and agribusiness, as well as continuing good credit quality in our loan portfolio.”

Net interest margin for the quarter declined to 1.11 percent from 1.16 percent in the second quarter of 2016. For the first six months of the year, net interest margin was 1.12 percent compared to 1.17 percent in the prior-year period. The reduction in net interest margin reflected the impact of slightly lower overall loan spreads as well as lower fair value accretion income, somewhat offset by increased earnings on balance sheet positioning.

At quarter-end, 1.01 percent of CoBank’s loans were classified as adverse assets, compared to 0.81 percent at December 31, 2016. Nonaccrual loans increased to $229.2 million as of June 30, 2017, from $207.2 million at December 31, 2016, primarily due to a small number of agribusiness loans and a communications loan. The bank’s allowance for credit losses totaled $676.9 million at quarter-end, or 1.41 percent of non-guaranteed loans when loans to Farm Credit associations are excluded.

As of June 30, 2017, shareholders’ equity totaled $8.8 billion, and the bank’s total capital ratio was 15.6 percent, compared with the 8.0 percent (10.5 percent inclusive of the fully phased-in capital conservation buffer) minimum established by the Farm Credit Administration (FCA), the bank’s independent regulator. At quarter-end, the bank held approximately $30.1 billion in cash, investments and overnight funds and had 179 days of liquidity, which exceeded FCA liquidity requirements.

Halverson noted that the bank continues to face a number of marketplace challenges, including intense competition in the banking industry, declining margins and a prolonged low interest rate environment that has lowered returns on invested capital. In addition, the bank is making significant investments in people, processes and systems that will enable it to operate more efficiently and meet the evolving needs and expectations of customers and partners.

“Despite strong net income so far this year, we continue to see ongoing pressure in our other profitability measures,” Halverson said. “Our board and executive team are squarely focused on that issue and on improving the efficiency and scalability of our operating platform. We are committed to serving as a dependable financial partner for our customers and on building the capacity of the bank to fulfill its mission in rural America over the long term.”

About CoBank

CoBank is a $125 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.

AVERAGE LOAN VOLUME INCREASED 9 PERCENT TO $97.9 BILLION

NET INCOME INCREASED 8 PERCENT TO $262.8 MILLION

DENVER (May 4, 2017) – CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced financial results for the first quarter of 2017.

Net income for the quarter rose 8 percent to $262.8 million, primarily driven by higher net interest income and noninterest income, partially offset by a higher provision for loan losses and increased operating expenses. Net interest income for the quarter increased 6 percent to $356.1 million, from $336.9 million in the same period last year, primarily due to higher average loan volume.

Average loan volume rose 9 percent in the first quarter to $97.9 billion, from $89.8 billion in the same period last year. The increase resulted from higher levels of borrowing from customers in all three of the bank’s operating segments, including farmer-owned cooperatives, agricultural export finance customers, other food and agribusiness companies, affiliated Farm Credit associations, and rural electric cooperatives.

“CoBank benefited during the quarter from trends in the U.S. grain markets, which drove a substantial increase in demand for seasonal financing from farmer-owned grain elevators and other grain industry customers,” said Thomas Halverson, president and chief executive officer. “While loan growth would have been more modest otherwise, we are nonetheless pleased with our business performance for the quarter and the overall financial condition of CoBank.”

Credit quality in the bank’s loan portfolio remained strong compared to historical averages. At quarter-end, 0.93 percent of CoBank’s loans were classified as adverse assets, compared to 0.81 percent at December 31, 2016. Nonaccrual loans decreased to $188.3 million at March 31, 2017 from $207.2 million at December 31, 2016, primarily due to a small number of agribusiness loans that were paid off during the 2017 period. The bank recorded a $15.0 million provision for loan losses in the first quarter of 2017 compared to an $8.0 million provision in the first quarter of 2016. The 2017 provision was due to growth in loan volume as well as slight deterioration in credit quality in the bank’s Agribusiness operating segment. The bank’s allowance for credit losses totaled $677.1 million at quarter-end, or 1.34 percent of non-guaranteed loans when loans to Farm Credit associations are excluded.

“Lower commodity prices are affecting some of our agribusiness borrowers, which is starting to impact credit quality in that portion of our loan portfolio,” said David P. Burlage, CoBank’s chief financial officer. “Further modest deterioration in credit quality is anticipated as long as commodity prices remain low. Overall, however, the risk-bearing capacity of the bank is strong and we remain well-positioned to meet the borrowing needs of our customers.”

Capital levels for CoBank remained well in excess of regulatory minimums. As of March 31, 2017, shareholders’ equity totaled $8.7 billion, and the bank’s total capital ratio was 14.7 percent, compared with the 8.0 percent (10.5 percent inclusive of the fully phased-in capital conservation buffer) minimum established by the Farm Credit Administration (FCA), the bank’s independent regulator. At quarter-end, the bank held approximately $30.4 billion in cash, investments and overnight funds and had 188 days of liquidity, which was in excess of FCA liquidity requirements.

Halverson noted that, despite solid first quarter results, CoBank faces a number of marketplace challengesthat could impact earnings over the balance of the year.

“Like all banks, we continue to deal with intense competition for the business of our customers, downward pressure on margins and low interest rates that impact returns on invested capital,” Halverson said. “We remain focused on the factors that we can control and on providing outstanding value to our customers and Farm Credit partners. We are confident in our ability to adjust to market conditions and continue fulfilling our vital mission of service to rural America.”

About CoBank

CoBank is a $128 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.

April 25, 2017, Santa Rosa, CA — American AgCredit today announced a strategic partnership with Kitchen Table Advisors to support the economic viability of sustainable small farmers and ranchers.  An independent project of the Trust for Conservation Innovation, Kitchen Table Advisors empowers farmers and ranchers throughout Northern California with the business tools, knowledge and resources they need to flourish.

 With a $10,000 sponsorship, American AgCredit will support continuing education for Kitchen Table Advisor’s business advisors. The partnership will officially launch with a train-the-trainer event to be held at American AgCredit’s headquarters in Santa Rosa on Thursday, April 26, 2017. Speaker Gary Matteson, vice president of Young, Beginning, Small Farmer Programs for Farm Credit Council, will equip the advisors to help beginning farmers achieve credit readiness.

 “Support of young, beginning and small farmers and ranchers is at the heart of our mission,” said American AgCredit CEO Byron Enix. “We are pleased to support Kitchen Table Advisors in this joint effort to help their clients build the foundation for a successful future.”

 “We are deeply committed to the long-term economic viability of our region’s diverse small farms and ranches. Through this exciting partnership with American AgCredit, we will be able to help our clients better understand the tools and resources that can support their growing businesses,” said Kitchen Table Advisors’ Executive Director Anthony Chang.

                                                                                                       # # #

About American AgCredit

Founded in 1916, American AgCredit is part of the nationwide Farm Credit System, and is the nation’s fifth largest Farm Credit cooperative. American AgCredit specializes in providing financial services to agricultural and rural customers throughout California, Nevada, Kansas, Oklahoma, Colorado, and New Mexico – as well as to capital markets customers throughout the country.

 Financial services provided by American AgCredit include production and mortgage financing, equipment and vehicle leasing, crop and life insurance, lines of credit, and the Young, Beginning and Small Farmer Program. In addition, the Association provides interest-free loans for qualifying 4-H and FFA AgYouth programs, as well as college scholarships to young people interested in agriculture.  Learn more at www.AgLoan.com.

 About Kitchen Table Advisors

Kitchen Table Advisors envisions a new generation of thriving small-scale, sustainable farms that produce healthy food and form the foundation of regional food systems. We provide farmers with access to the tools, knowledge and resources they need on their path to become resilient and viable businesses. Through in-depth business and financial advising, Kitchen Table Advisors help farmers build the foundation for a successful future. To learn more, visit us online at kitchentableadvisors.org.

DENVER (March 23, 2017) – CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced the renewal of its Sharing Success program for 2017. The $3 million fund is a cornerstone of CoBank’s corporate citizenship efforts, matching donations by the bank’s cooperative and other eligible customers to nonprofit organizations in their communities.

First launched in 2012 to celebrate the United Nations’ International Year of the Cooperative, Sharing Success has matched contributions to hundreds of charitable organizations in all 50 states over the past five years. Together, CoBank and its customers have contributed more than $25 million to support the efforts of these organizations, the majority of which are located in rural communities.

“Sharing Success has had a broader and deeper impact than we ever imagined,” said Tom Halverson, CoBank’s president & chief executive officer. “We are delighted with the growing participation in the program by our customers, and deeply grateful to them for their assistance in identifying worthy charitable causes deserving of our support. We look forward to partnering with our customers once again this year and to sharing our success, in the best cooperative tradition.”

The 2017 program launches on April 1 and will run through October 31 or the point at which the fund is exhausted, whichever comes first. The bank will match the contributions of eligible customers on a dollar-for-dollar basis, from a minimum of $1,000 up to a maximum of $5,000 per customer. Cooperatives and other eligible customers interested in participating should contact their CoBank relationship manager or visit www.cobank.com/about-cobank/sharing-success for an application and detailed program requirements.

About CoBank

CoBank is a $126 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.

CoBank Announces $150,000 Matching Fund to Support Wildfire
Relief Efforts in Kansas, Oklahoma and Texas

DENVER (March 16, 2017) – CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced it is launching a $150,000 charitable fund to support wildfire relief efforts throughout the states of Kansas, Oklahoma and Texas.

Recent fires have impacted farming and ranching communities in all three states, burning hundreds of thousands of acres, destroying property and killing livestock. In Kansas, an estimated 700,000 acres have burned throughout more than 20 counties in the state’s southwest and central regions. In Oklahoma, the Forestry Service has estimated that approximately 400,000 acres have burned and a state of emergency has been declared in 22 counties. An estimated 325,000 acres have burned throughout the Texas panhandle.

“These wildfires have had a devastating impact,” said Tom Halverson, CoBank’s president and chief executive officer. “CoBank is committed to working hand-in-hand with our customers, other Farm Credit organizations and local relief agencies to support farmers, ranchers and other victims of these fires in impacted communities.”

All five Farm Credit associations in the state of Kansas have already committed to using the fund to support relief efforts in that state. American AgCredit, Farm Credit of Ness City, Farm Credit of Western Kansas, Frontier Farm Credit, and High Plains Farm Credit have pledged $80,000, which will be entirely matched by CoBank.

The remaining $70,000 in the fund is available to all active CoBank borrowers as well as Farm Credit banks and associations. Contributions to relief efforts will be matched on a dollar-for-dollar basis and coordinated through the bank’s Corporate Communications Division. Customers interested in taking advantage of the fund can call 303-740-6518 for details on how to apply.

About CoBank

CoBank is a $126 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.

SANTA ROSA, CA – American AgCredit, the nation’s 5th largest agricultural lending cooperative, today announced a net income of $104.5 million for the year ended December 31, 2016, along with a cash dividend distribution of $50.2 million to its shareholders. This compares to a net income of $99.7 million and a cash dividend of $43.5 million for the prior year. American AgCredit has returned more than $350 million to its customer-owners since 2005.

“Despite facing a variety of challenges in 2016—low commodity prices, weather patterns and global supply and demand—American AgCredit realized another successful year,” said Byron Enix, Chief Executive Officer. “Our growth in loan volume and resulting cash dividend disbursement this year directly represent our success.”

2016 Results of Operations

The Association produced after-tax net income of $104.5 million in 2016, compared to $99.7 million in 2015 and $98.9 million in 2014. The $4.8 million increase in net income from 2015 was primarily due to a $26.8 million increase in net interest income as a result of strong loan growth partially offset by a $16.3 million increase in non-interest expenses and an $11.4 million increase in provision for credit losses.

Net interest income was $212.5 million compared to $185.6 million for the prior year. The 2016 increase of $26.8 million represents a 14.4% increase over 2015 and was primarily due to strong accrual loan volume growth experienced during the year partially offset by some minor interest rate spread compression. Average earning assets grew by $883 million during 2016, representing an annual growth rate of 13.3%. Loan volumes ended the year at $8.00 billion compared to $7.29 billion in the prior year, an increase of $709 million.

“The 2016 year was one of exceptional performance for American AgCredit,” remarked Vern Zander, Chief Financial Officer, “And we anticipate continued success moving forward as the Association is well capitalized and continues to experience strong loan growth.”

“We are pleased to return a record $50.2 million in cash dividends, representing 48.02% of our 2016 net income,” added Zander. “Our dividend program reflects our financial strength and enables us to return value to our customer-owners. Their success is our success.”

# # #

About American AgCredit

Founded in 1916, American AgCredit is part of the nationwide Farm Credit System, and is the nation’s fifth largest Farm Credit cooperative. American AgCredit specializes in providing financial services to agricultural and rural customers throughout California, Nevada, Kansas, Oklahoma, Colorado, and New Mexico – as well as to capital markets customers throughout the country. Financial services provided by American AgCredit include production and mortgage financing, equipment and vehicle leasing, crop and life insurance, lines of credit, and the Young, Beginning and Small Farmer Program. In addition, the Association provides interest-free loans for qualifying 4-H and FFA AgYouth programs, as well as college scholarships to young people interested in agriculture.

Customer-members receive $99.4 million in cash patronage

SPOKANE, Wash. (Feb. 22, 2017) – Northwest Farm Credit Services, the Northwest’s leading financial cooperative supporting agriculture, forestry, fisheries and rural communities, announced 2016 earnings of $247.2 million, compared to $255.6 million in 2015. The higher earnings in 2015 was the result of larger credit loss reversals in that year. Total capital increased 7.2 percent during the year to $2.2 billion.

“Despite the downturn in price and demand for some agricultural commodities, 2016 turned out to be another year of solid financial performance for our collective customer base,” said President and CEO Phil DiPofi. “As a result, Northwest FCS continues to grow in loan volume, capital and patronage paid to our customer-members.”

As a cooperative, Northwest FCS returns a share of its net earnings to customer-members in the form of patronage dividends. The Northwest FCS board recently approved patronage of 1.0 percent of a customer-member’s eligible average daily loan balance. Cash patronage for 2016 totaled a record $99.4 million compared to $91.9 million for 2015. Since the patronage program began in 2000, Northwest FCS has returned $690 million in cash patronage to customer-members.

For more information about current market conditions, see Northwest FCS Industry Insights.

About Northwest Farm Credit Services

Northwest FCS is an $11 billion financial cooperative providing financing and related services to farmers, ranchers, agribusinesses, commercial fishermen, timber producers, rural homeowners and crop insurance customers in Montana, Idaho, Oregon, Washington and Alaska. Northwest FCS is a member of the nationwide Farm Credit System that supports agriculture and rural communities with reliable, consistent credit and financial services. For more information, go to northwestfcs.com.

Average Loan Volume Grew 10 Percent; Net Earnings Increased To $945.7 Million

2016 Patronage Distributions To Customers Will Total $588.1 Million

DENVER (February 23, 2017) – CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced financial results for the full year and fourth quarter of 2016.

Net income for the year rose 1 percent to $945.7 million, reflecting increased net interest income offset by a greater provision for loan losses as well as higher Farm Credit insurance fund premiums and other operating expenses. Net interest income increased by 7 percent to $1.4 billion, as a result of higher loan volume and increased earnings from balance sheet positioning, partially offset by lower spreads in the bank’s loan and investment portfolios. CoBank’s average loan volume increased 10 percent in 2016, to $91.6 billion, driven by higher levels of borrowing from affiliated Farm Credit associations, grain cooperatives, food and agribusiness companies, rural electric cooperatives and communications service providers.

For the fourth quarter of 2016, net income was $227.3 million compared to $236.3 million in the same period of 2015. Earnings declined primarily due to a $15 million provision for loan losses taken during the fourth quarter of 2016, which more than offset the positive impacts of higher net interest income. Net interest income for the quarter increased 3 percent to $345.0 million as a result of higher average loan volume. Average loan volume increased 7 percent during the period, to $93.2 billion.

“2016 marked another year of strong business and financial performance for CoBank,” said Thomas Halverson, CoBank’s chief executive officer. “Loan volume and net income reached all-time highs, while credit quality, liquidity and capital levels remained solid. Most importantly, we continued to fulfill our mission by delivering dependable credit to our customers, partnering effectively with other Farm Credit institutions, and providing support for rural industries and communities.”

In March, the bank will distribute a record $588.1 million in total patronage to customers, including $473.9 million in cash and $114.3 million in common stock. “Patronage is an important part of the value we provide as a financial cooperative,” Halverson said. “It effectively lowers the overall cost of borrowing for customers while enabling them to build equity in the bank and have a voice in the governance of our business. We’re delighted with the level of patronage approved by our board of directors and look forward to delivering this benefit to our customers in coming weeks.”

Credit quality in CoBank’s loan portfolio declined slightly during the year but remained favorable overall. Nonaccrual loans increased to 0.22 percent of total loans, compared to 0.18 percent of total loans at year-end 2015. Adverse assets were 0.81 percent of total loans at year-end, compared to 0.70 percent at December 31, 2015.  CoBank recorded a $63.0 million provision for loan losses in 2016 due to growth in overall lending activity as well as credit quality deterioration in its Agribusiness operating segment. The bank’s allowance for credit losses totaled $662.5 million at year-end, or 1.37 percent of non-guaranteed loans when loans to Farm Credit associations are excluded.

“Agribusiness borrowers are facing a number of challenges, including the continuing softness in commodity prices, a strong dollar, and slower economic growth in China and other international markets,” said David P. Burlage, chief financial officer. “It’s possible CoBank will see further deterioration in credit quality as a result of these trends. That said, overall credit quality continues to be strong, and we remain confident in the bank’s risk-bearing capacity and its continued ability to meet the borrowing needs of its customers.”

Capital and liquidity levels at CoBank remain well in excess of regulatory minimums. As of December 31, 2016, shareholders’ equity was $8.6 billion, and the bank’s permanent capital ratio was 15.47 percent, compared with the 7.0 percent minimum established by the Farm Credit Administration (FCA), the bank’s independent regulator. At year end, the bank held approximately $30.2 billion in cash and investments. The bank had 197 days of liquidity at the end of 2016, which exceeded the FCA minimum.

Halverson noted that CoBank is dealing with a number of marketplace dynamics that could negatively affect earnings in the year ahead, including intense competition from other lenders, continued margin compression and a sustained low interest rate environment that impacts returns on invested capital. Nonetheless, he said, the bank remains fundamentally sound and well positioned to serve customers.

“CoBank is a unique financial institution with an intrinsically strong business model,” Halverson said. “Under the guidance of our board, we remain focused on fulfilling our mission and building the financial strength and flexibility of the bank for the long term.”

Customer Meetings and 2016 Earnings Webcast and Conference Call

CoBank will provide more information about its 2016 financial results at its ongoing series of regional customer meetings, which will take place in multiple cities around the country through April of 2017. Managers and directors of any CoBank borrower are invited to attend these meetings, as are representatives of all Farm Credit institutions. For complete details about the meeting program, please visit the bank’s meetings page at www.cobank.com/meetings.

In addition, the bank will hold its annual year-end earnings conference call and webcast at 2 p.m. Eastern Time on Tuesday, March 7. The 60-minute call will feature a presentation of 2016 financial highlights and Q&A with CoBank executives and the chairman of the board.

To join via phone, call (866) 843-8302 and use passcode 66700900. To join via the Internet, click here or visit the “Newsroom & Financials” section of the CoBank web site.

About CoBank

CoBank is a $126 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 75,000 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.

Additional information

The 2016 financial results discussed herein are preliminary and unaudited. CoBank’s audited financial statements for the year ended December 31, 2016 are expected to be available on or about March 7, 2017. Copies of this press release, as well as other information regarding CoBank, including its annual and quarterly financial statements, are available at the bank’s web site at www.cobank.com.

DENVER (November 10, 2016)  – CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced it is launching a new program for veterans with disabilities from America’s rural communities.

In partnership with its customers and the nonprofit group No Barriers USA , CoBank will sponsor up to 50 veterans from rural areas across the U.S. to participate in outdoor expeditions that challenge them mentally and physically and help them to transform their lives.

Cooperatives and other eligible CoBank borrowers will be able to nominate veterans from their local communities to participate in the No Barriers Warriors program, with CoBank covering the full cost for each veteran, including travel expenses. Selected veterans will go through the program in 2017.

“Every American owes an enormous debt of gratitude to the men and women who serve in the armed forces and protect our country,” said Bob Engel, CoBank’s chief executive officer. “Those who are wounded or injured in the course of duty are even more deserving of our thanks. At CoBank, we want to do our part to honor veterans and repay them for their service to the nation.”

Engel noted that over 5 million of the nation’s 22 million veterans are located in rural areas and called on the bank’s customer base to help identify deserving participants for the No Barriers program. “Rural America produces a disproportionate share of the nation’s military personnel,” Engel said. “We need our customers to help make this program successful by nominating individuals from their communities who would benefit from the No Barriers experience. We look forward to partnering with our customers in this effort, which we believe has the potential to change the lives of rural veterans who have been disabled as a result of their military service.”

No Barriers was co-founded by Erik Weihenmayer, an internationally renowned mountain climber and the only blind person in history to reach the summit of Mt. Everest. Weihenmayer has been a regular speaker at CoBank meetings over the past several years and has shared his inspirational message about overcoming barriers and challenges to live a life rich in meaning and purpose with the bank’s customers and employees.

“Through the Warriors program, No Barriers has been working with veterans with disabilities for years,” said Weihenmayer. “We’ve seen the transformation that takes place when veterans are able to overcome the mental and physical challenges involved in one of our expeditions, and then apply the skills they’ve learned to the challenges faced in their day-to-day lives. We’re grateful to CoBank for their partnership and the opportunity to serve even more of our nation’s veterans with disabilities.”

Nominations of rural veterans with disabilities to participate in the 2017 program are due from CoBank customers by May 1, 2017. Detailed information about the nomination process and requirements is available here.

About CoBank

CoBank is a $120 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 75,000 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.

GALT, California, September 29, 2016 – The California FFA Foundation is pleased to announce Farm Credit as the first platinum sponsor of the upcoming Blue and Gold Gala.

“We’re excited to have Farm Credit, a long term partner and industry leader, as the first platinum sponsor of the upcoming Blue and Gold Gala,” said Dennis Albiani, California FFA Foundation Chair. “We are very grateful for Farm Credit’s ongoing dedication to the California FFA, and firmly believe that their investment in FFA members will pay dividends for generations to come.”

As part of their platinum sponsorship, Farm Credit will headline the upcoming Blue and Gold Gala. The Gala, to be held on Wednesday, February 22, 2017 at the FFA Center in Galt, is a celebratory event hosted by the nonprofit California Future Farmers of America Foundation. The Gala will focus on students’ achievements, the extraordinary growth the California FFA has realized over the past 10 years, and highlight the role the agriculture industry and our sponsors play in ensuring the future of agricultural education.

“Farm Credit is deeply invested in the future of agriculture and we are extremely pleased to play an integral part in continuing support of the California FFA”, says Terry Lindley, Farm Credit Alliance Chair.

The Farm Credit Alliance sponsorship collectively includes American AgCredit, Colusa-Glenn Farm Credit, Farm Credit West, Fresno Madera Farm Credit, Golden State Farm Credit, Yosemite Farm Credit and CoBank which are separate cooperatively-owned lending institutions providing agriculture and rural communities with reliable and consistent credit throughout the state of California as well as nationwide.

The platinum level sponsorship is just part of Farm Credit’s ongoing commitment to the 84,000 members of the California FFA. Their sponsorship will go beyond the Gala, and includes sponsoring a much-needed sign in front of the California FFA Center, the headquarters for FFA operations, as well sponsoring proficiency awards, and the leadership development continuum, which serves over 14,000 students annually.

Gala tickets are available for $250 per ticket or table sponsorships are available for $2,500 for eight (8) seats. Additional sponsorship and underwriting opportunities can be found by visiting www.CalAgEd.org/Foundation. For more information about the Blue & Gold Gala or becoming a sponsor please contact Katie Otto at 209/744-1969 or kotto@californiaffa.org.

###

About the California FFA Foundation

California FFA Foundation serves more than 84,000 California high school students and strives to make a difference in their lives by developing their potential for premier leadership, personal growth and career success through educational education.