Cooperative Bank of Methuens Coopers, a $8 billion cooperative bank with an international focus, has agreed to take on $10 million of the $14 billion loan from the Federal Reserve, according to The New York Times.
The deal comes as the bank’s board is considering whether to expand its operations and invest in the state.
The new loan comes as state regulators and other state agencies are weighing whether to open Methuengen Coal to more coal production.
Methuentens Coppers president and chief executive officer, John T. Kocher, said in a statement that the deal “makes the cooperative’s expansion plan more feasible and efficient.”
Methuener Coopers had planned to open in 2019, but that timeline has been extended by the time it is finalized.
“The transaction makes it possible for the MethuenzCoppers Board to conduct a thorough and thoughtful review of our business strategy, while also focusing on the long-term viability of the company,” Kochel said.
Methus Coopers is a $10 billion cooperative that has a network of more than 1,500 coal-fired power plants across North America.
It also owns the Coopers Gas & Electric Company, which has the right to lease more than 2 million acres of public land in Pennsylvania and West Virginia.
In recent years, the bank has been trying to expand operations.
In December, the company announced plans to add a second coal-burning power plant, one that will produce enough electricity to power about 1 million homes.