August 24, 2016 6:23 PM ET

Banks

Company Overview of Cobank Acb

Company Overview

CoBank, ACB, a co-operative bank, provides loans, leases, and other financial services in the United States. The company operates in three segments: Agribusiness, Strategic Relationships, and Rural Infrastructure. It offers loans to finance current or seasonal assets, inventories, accounts receivable, commodities, and other short-term needs; and for the construction of new facilities, remodeling or expanding existing facilities, purchase of land or equipment, mergers and acquisitions, long-term assets, and working capital, as well as offers refinanced loans and pension prepayment loan programs. The company also provides leasing solutions for transportation vehicles, such as pickups, vans, an...

6340 South Fiddlers Green Circle

Greenwood Village, CO 80111

United States

Founded in 1916

920 Employees

Phone:

303-740-4000

Key Executives for Cobank Acb

Chief Executive Officer and Member of Asset & Liability Committee
Age: 62
President, Member of Asset & Liability Committee, Member of Loan Committee and Member of Country Risk Committee
Age: 60
Chief Financial Officer and Chairman of Asset & Liability Committee
Age: 53
Chief Operating Officer and Vice Chairman of Asset & Liability Committee
Age: 59
Southern Region President of Regional Agribusiness Banking Group
Compensation as of Fiscal Year 2016.

Cobank Acb Key Developments

CoBank Announces Executive Changes

CoBank announced that Tom Halverson has been named as the bank's new chief executive officer effective January 1, 2017. The CoBank Board of Directors has appointed Halverson, currently CoBank's chief banking officer, as CEO-elect. He will succeed current CEO Bob Engel, who previously announced that he will be leaving at the conclusion of his current employment agreement on June 30, 2017. Engel and Halverson will remain in their current positions until January 1, 2017, after which Engel will move into a strategic advisory role.

Robert B. Engel Leaves from CoBank as Chief Executive Officer, Effective from June 30, 2017

Robert B. Engel, Chief Executive Officer of CoBank, announced that he will leave CoBank upon the completion of his current employment agreement on June 30, 2017. Mr. Engel joined CoBank in 2000 as President and Chief Operating Officer, becoming President and Chief Executive Officer in 2006.

CoBank Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016

CoBank announced unaudited consolidated earnings results for the first quarter ended March 31, 2016. Net income for the quarter was $243.3 million, a 5% increase from $232.2 million in the first quarter of 2015. The increase in earnings primarily resulted from higher net interest income, partially offset by increased operating expenses. Net interest income for the quarter rose 7% to $336.9 million, from $315.3 million in the same period last year, primarily due to higher average loan volume.

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