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Posted on Sep 12, 2017 in Featured, News Releases

CoBank, Farm Credit Bank of Texas commit $50,000 to Hurricane Harvey relief

CoBank, Farm Credit Bank of Texas commit $50,000 to Hurricane Harvey relief

(Waco, Texas)--The Texas Farm Bureau’s Agriculture Research and Education Foundation today announced it has received a donation of $50,000 from CoBank and Farm Credit Bank of Texas to aid the state’s farmers and ranchers as they work to recover and rebuild following Hurricane Harvey.

Homes, crops and livestock were devastated by high winds and flooding throughout the state, impacting both lives and livelihoods. In response, Texas Farm Bureau established a relief fund specifically to support agricultural producers. One hundred percent of donations made to the fund will be dispersed directly to farmers and ranchers located in the counties that have been designated as disaster areas by the federal government for this event.

“Texas farm and ranch families are hurting,” Texas Farm Bureau President Russell Boening said. “Rebuilding will be costly and we know this will be a long recovery, but with the help of generous donors like CoBank and Farm Credit Bank of Texas, we will recover.”

CoBank and Farm Credit Bank of Texas are members 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. The Farm Credit System is the oldest and largest source of financing for rural America and has a long history of supporting rural communities when the need is greatest.

“It is difficult to grasp the full scope of damage caused by Hurricane Harvey,” said Tom Halverson, CoBank’s president and chief executive officer. “The impact of this disaster will be felt for years to come, but CoBank is committed to supporting the Texas ag industry as it begins the process of recovery. CoBank stands with the people of Texas and is proud to join the Texas Farm Bureau and our partner, Farm Credit Bank of Texas, to support them in this difficult time.”

“Hurricane Harvey directly impacted hundreds of Farm Credit members and their families across South, East and Central Texas. As a cooperative that is owned by farmers and ranchers, Farm Credit Bank of Texas welcomes this opportunity to partner with CoBank and the Texas Farm Bureau to help agricultural producers in their recovery efforts,” said Larry Doyle, Farm Credit Bank of Texas chief executive officer.

 

About Texas Farm Bureau Agriculture Research and Education Foundation:
The foundation is a 501(c)(3) foundation created to support educational and research activities in agriculture. Texas Farm Bureau is a general farm organization. With more than 500,000 member-families, TFB is the largest farm organization in Texas.

About Farm Credit Bank of Texas
Farm Credit Bank of Texas is a cooperatively owned wholesale bank that provides funding and services to 14 rural lending co-ops and two other financing institutions in five states. These affiliated retail lenders finance agricultural production, agribusiness and rural real estate in Alabama, Louisiana, Mississippi, New Mexico and Texas. Headquartered in Austin, Texas, the $22.1 billion Farm Credit Bank of Texas also participates with other lenders in capital markets loans to the food, agribusiness, rural utility and rural communications sectors. It is a part of the 101-year-old Farm Credit System, the nation’s largest source of rural financing.

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 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.

The hurricane-turned-tropical storm devastated a wide area along Texas’ Coastal Bend, wreaking havoc on cotton modules and bales that had been harvested just days or hours earlier.