Grainnet

Denver—CoBank, a leading cooperative bank serving agribusiness and rural utilities throughout the U.S., announced September 17 that Amy Gales has been named Central Region President of the bank's commercial agribusiness lending unit.

In her new role, Gales will oversee the bank's relationship management and credit administration functions serving farm cooperatives and other agribusiness customers throughout the Upper Midwest.

The seven-state region includes the bank's Omaha banking center (serving Iowa, Nebraska and South Dakota) and the Minneapolis and Fargo banking centers (serving Michigan, Minnesota, North Dakota and Wisconsin).

Gales previously served as regional vice president at the bank's Minneapolis office.

"We're extremely pleased to announce Amy's appointment," said Bob Engel, president and chief executive officer of CoBank.

"The central region is strategically important for CoBank, given its heavy concentration of grain and farm supply customers and the substantial growth opportunities it holds for the future.

"Amy's deep understanding of cooperatives, agribusiness lending and the Farm Credit System, combined with her proven leadership skills, will be significant assets for CoBank and our customers as she assumes her expanded role."

Gales, 49, began her career in 1981 with the former St. Paul Bank for Cooperatives, working directly with local cooperative customers over a 17-year period in a variety of different positions.

Subsequently she served as the manager of a grain and farm supply co-op in southern Minnesota and as executive director of an agricultural development center in South Dakota.

She returned to banking in 2002, working in leadership posts at both Commerce Bank and Wells Fargo.

She joined CoBank in July 2007.

Gales holds a bachelor's degree in business administration from the University of Minnesota.

"Over the past several quarters, CoBank has had a tremendous opportunity to demonstrate its value proposition to customers throughout the Midwest, as grain pricing volatility has dramatically increased borrowing requirements for customers in that industry," said Phil DiPofi, CoBank executive vice president and head of the bank's Agribusiness Banking Group.

"Amy's appointment will help us continue to address the excellent prospects for growth that CoBank enjoys across region."

"Our primary focus is to continue working with our cooperative customers to ensure they have the capacity and access to capital they need to run their businesses," Gales said.

"CoBank's long history of service to American agribusiness and the deep expertise of our people make us uniquely qualified to fulfill that mission.

"I look forward to working with both existing and prospective borrowers and to continue meeting their need for dependable, high-quality financial services."

Gales will remain based out of CoBank's Minneapolis office. A search for candidates to succeed her as regional vice president is currently under way.

Also today, CoBank announced that Jeff Swanhorst has been named Vice President of Credit for the bank's Agribusiness Banking Group.

Swanhorst previously served as Senior Credit Manager in the bank's Minneapolis office.

In his expanded role, he will oversee the credit function for the central region, and also help to formulate and implement agribusiness credit strategy for CoBank on a national basis.

"We have relied heavily on Jeff's knowledge and experience in helping customers manage through the extreme volatility we've experienced recently in markets for agricultural commodities," DiPofi said.

"As such, he is exceptionally well suited to take on these expanded responsibilities, and we look forward to leveraging his expertise at the regional and national levels."

Swanhorst, 47, joined CoBank in 1999 following the bank's merger with the St. Paul Bank for Cooperatives.

Prior to that, he served in a variety of positions at the St. Paul Bank over a 14-year period with that organization.

Before that, he served as a loan officer for the Mitchell-Huron Production Credit Association in South Dakota.

Swanhorst holds a bachelor's degree in agriculture business from South Dakota State University and is also a graduate of the University of Wisconsin's Graduate School of Banking.

For more information, call 303-694-5862.

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