Steve Harmon of Pioneer Electric runs for the CoBank Board
Steven Harmon was named Executive V.P./General Manager of Pioneer Electric Cooperative in January 2006. Since then, he has led the cooperative through the troubled waters of member litigation, implementation of a new system of governance, long-term debt restructuring and restoring cooperative equity from -19% to a positive equity position.
U.S. AgBank and CoBank, two of the five funding banks in the Farm Credit System, have announced that they intend to pursue a merger in 2011. In December 2010, the banks’ boards of directors executed a Letter of Intent that sets forth key terms and conditions of the proposed transaction, which also requires regulatory and stockholder approval.
“The merger of CoBank with U.S. AgBank means a stronger Farm Credit System. I look forward to bringing my unique leadership abilities, governmental relations experience and sound business principles to the CoBank board during this critical time of economic uncertainty in our country. Our challenge is to find responsible yet innovative solutions to provide access to capital in rural America. From investments in agribusiness and water treatment, to empowering the development of smart grids and high-speed broadband networks, CoBank must continue to effectively fulfill its mission in our rural communitie,” said Mr. Harmon.
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