Business: Cobank ACB Fixed to Floating Rate Non-cumulative Perpetual Preferred Series E, liquidation preference $1000 per share, redeemable at the issuer's option on or after 7/10/2012 at $1000 per share plus declared and unpaid dividends, and with no stated maturity. <p> Non-Cumulative Floating rate distributions will currently be paid quarterly on 1/10, 4/10, 7/10 & 10/10 at the <s> three-month LIBOR</s> 3-month CME Term SOFR and a spread of 0.26161% plus 4.557% to holders of record on the record date fixed by the board, approximately 15 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. <p> Dividends paid by this preferred security are probably eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also probably eligible for the dividends received deduction for corporate holders.<p> This security was not rated by Moody’s and rated A- by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. We have been unable to find an IPO prospectus for this security as the issuer does not file with the SEC. There is no CoBank common stock that we can find traded on the stock markets.. Dividends are currently paid quarterly at three-month LIBOR plus 1.18%.