CoBank Commits More than $350,000 to Hurricane Harvey and Irma Relief Efforts
DENVER (September 12, 2017) – CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced it has committed more than $350,000 to support relief efforts for Hurricane Harvey in Texas and Hurricane Irma in Florida and the Southeast. CoBank’s contributions are being made in partnership with customers, CoBank employees and other Farm Credit institutions and will support a number of organizations involved in the humanitarian response to the hurricanes.
“It is difficult to grasp the full scope of damage caused by these two devastating hurricanes,” said Tom Halverson, CoBank’s president and chief executive officer. “The impact of these disasters will be felt for a long time, but CoBank is committed to supporting our customers, our colleagues and our Farm Credit partners as they begin the process of recovery. CoBank stands with people in impacted communities and is proud to provide a helping hand at this difficult time.”
CoBank’s hurricane relief contributions include:
• $230,000 to the American Red Cross
The bank has made an immediate corporate contribution of $200,000 to the American Red Cross to support the most urgent needs for food, water and shelter in hurricane-ravaged areas. In addition, CoBank has also committed to match employee contributions to the Red Cross on a dollar-for-dollar basis, which has generated an additional $30,000 in corporate support.
• $25,000 to the Texas Farm Bureau Foundation
CoBank and the Farm Credit Bank of Texas have jointly committed $50,000 to the Texas Farm Bureau Foundation’s Hurricane Harvey relief fund. The fund will benefit farmers and ranchers whose homes and livelihoods have been impacted by the disaster.
• $50,000 to the Texas Electric Cooperatives Harvey Disaster Relief Fund
CoBank has committed $50,000 to a fund established by the Texas Electric Cooperatives, the statewide association for rural electric cooperatives across the state. The TEC Harvey Disaster Relief Fund will benefit the employees of Texas’ many electric cooperatives whose own homes have been damaged or destroyed due to the hurricane.
• $50,000 to the Farm Credit System Employee Relief Fund
CoBank has committed $50,000 to a relief fund established by the Farm Credit System to support its own employees in times of disaster. Hurricane Harvey damaged or destroyed the homes of a number of Farm Credit employees and the bank’s contribution to the Farm Credit System Employee Relief Fund will support our colleagues who have been impacted by Hurricanes Harvey, Irma and other natural disasters.
“CoBank remains in contact with our customers and will make additional contributions as needs and opportunities are identified in Florida and other impacted communities,” Halverson said. “In addition, CoBank is standing by to provide our customers in impacted areas with access to credit they may need in the months ahead. As a mission-based lender, we want to do everything we can to help our customers and the communities they serve to recover, rebuild and move forward.”
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.