CHICAGO -- ComEd has entered into a new credit agreement totaling $32 million with 16 minority and community banks in northern Illinois. This agreement will provide ComEd with additional sources of credit while expanding relationships with minority and community banks in its service territory.
The $32 million credit agreement is part of ComEd's parent company, Exelon, minority and community banking program, the only one of its kind in the energy industry. This year, Exelon entered into new credit agreements totaling $94 million with 29 minority and community banks in the regions the company serves.
"This agreement demonstrates our commitment to investing in the communities we serve," said ComEd Chairman and CEOFrank M. Clark. "We believe our relationships with minority-owned businesses and other diverse suppliers can have a ripple effect in the community and help generate economic development among underrepresented groups."
The lead arranger banks for the ComEd credit agreement are Seaway Bank and Trust Company in Chicago and Riverside Community Bank in Rockford, Ill. The new credit agreement replaces a 2009 arrangement for $30 million.
"We are proud to facilitate working partnerships with minority and community banks," said Joseph R. Trpik, ComEd senior vice president and chief financial officer. "This agreement will provide opportunities for the banks to gain experience in managing complex transactions and help them attract other clients."
"Having a credit agreement with a large company like ComEd and its parent company Exelon enhances our reputation in the community," said Arlene Williams, executive vice president of Seaway Bank and Trust Company. "It also demonstrates their interest in improving our area's financial stability and economic development."
ComEd has a strong and growing commitment to supplier diversity and has made it a critical part of its overall supply chain strategy. In 2009, ComEd spent $134.5 million with minority and women owned businesses, representing 16.9 percent of ComEd's total spend.
Commonwealth Edison Company (ComEd) is a unit of Chicago-based Exelon Corporation, one of the nation's largest electric utilities with approximately 5.4 million customers. ComEd provides service to approximately 3.8 million customers across Northern Illinois, or 70 percent of the state's population.