DENVER (October 13, 2022) — CoBank, a cooperative bank that serves agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, announced today it has committed $250,000 to support disaster relief efforts in the wake of Hurricane Ian.
The bank joined its partners, AgFirst, Farm Credit Bank of Texas and Farmer Mac, providing a joint $325,000 contribution to the American Red Cross to support relief efforts in communities impacted by hurricanes Fiona and Ian. In addition, CoBank has established a $150,000 fund that will match the disaster relief contributions of its customers. The fund will provide added support to the communities impacted by Hurricane Ian as long-term recovery efforts are launched.
Hurricane Ian, a dangerous Category 4 storm with maximum sustained winds recorded at 150 mph, first made landfall in southwestern Florida on September 28. After weakening to a tropical storm, Ian re-intensified and made landfall again in South Carolina on September 30—the first hurricane to hit the state in nearly six years.
The sheer force and intensity of Hurricane Ian has classified it as one of top hurricanes to strike the United States. As the coastal communities dig out from the wreckage and assess the damage, CoBank and its customers are committed to helping those affected through its disaster relief fund.
“The scope of damage resulting from Hurricane Ian has left hundreds of thousands of people in need of tremendous assistance,” said Thomas Halverson, CoBank’s president and chief executive officer. “We are proud to partner with AgFirst, Farm Credit Bank of Texas and Farmer Mac to support the efforts of the American Red Cross and we look forward to joining our customers to aid the other organizations that are providing vital assistance and resources to impacted communities. Our hearts are with those now facing the colossal aftermath of such a destructive, powerful storm.”
CoBank Matching Fund
CoBank’s Hurricane Ian Disaster Relief Fund will be available through November 15 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 contributes to support Hurricane Ian relief efforts. Each applicant may request up to $10,000. Preference will be given to customers operating within the impacted areas. Customers may apply for a matching grant by completing the application. Completed applications should be sent to Kelsey Cunningham at kcunningham@cobank.com . Questions about the program should be directed to Sherry Johnson, director of Corporate Social Responsibility at sjohnson@cobank.com or 303-740-6518.
About CoBank
CoBank is a 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 76,000 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.