CoBank, a leading cooperative bank serving agribusinesses and rural utilities throughout the United States, today announced results of shareholder elections for the bank’s 2009 Board of Directors.

In CoBank’s Eastern Region, James Kinsey, 58, was re-elected to the board. Kinsey, a director of the bank since 2001, is the owner and operator of Kinsey’s Oak Front Farms, a purebred Angus seed-stock producer in Flemington, West Virginia.

David Kragnes, 56, was elected to the board from the Central Region. Kragnes is the operator of a 1,350-acre farm in Felton, Minnesota, where he raises wheat, sugarbeets, soybeans and corn. He replaces D. Wayne Seaman, who is retiring from the board in December.

Shareholders in the bank’s Western Region re-elected Robert Nattier. Nattier, 64, joined the board six years ago. He is the co-operator of 4-N, Inc., a grain and livestock operation in Newton, Kansas. He has more than 35 years of cooperative management experience.

“We’re extremely pleased to announce the election of such qualified and dedicated individuals to our 2009 board,” said Everett Dobrinski, chairman of CoBank. “Jim, David and Bob all share a deep commitment to rural America, and all three bring invaluable experience and insight to the bank’s governing body. I look forward to working with them, the rest of the board and CoBank’s executive team to continue fulfilling our mission and meeting the financial needs of customer-owners across the country.”

Dobrinski praised Seaman for his nine years of service to CoBank. “Wayne’s wisdom and common sense have been immeasurable assets to our board during a period of enormous growth for the bank,” he said. “We are deeply grateful for his myriad contributions and wish him continued success in the future.”

Kinsey, Kragnes and Nattier will all serve four-year terms that begin in January 2009.

CoBank also announced today that Barry Sabloff has been reappointed to a four-year term as one of the board’s outside directors. Sabloff, 61, was named to the CoBank board in 2005 and is a former executive vice president of Bank One. He also serves as vice chairman of Marquette Bank, a community bank in Chicago. “Barry’s extensive financial and banking expertise has been very important to the board, and we’re thankful that he has agreed to serve another term,” Dobrinski said.

CoBank’s 16-member board of directors reflects the bank’s national scope and the diverse industries it serves. Members include agricultural producers, agribusiness leaders and representatives from the communications and energy sectors. Twelve directors are elected by shareholders from three geographic regions covering all 50 U.S. states. The remaining board members are appointed to their seats. All directors serve four-year terms.

The bank uses an independent nominating committee to develop a slate of qualified director candidates. No current board member may serve as a member on the nominating committee. No member of management sits on the CoBank board.