CHICAGO, -- ComEd and its parent company, Exelon, have entered into new credit agreements with minority and community banks located in the ComEd service territory and other regions that Exelon serves.
The agreements, totaling $67 million, $30 million of which will go to ComEd, provide the companies with an additional source of credit while maintaining banking relationships with minority and community banks. They agreement also provides the banks with the opportunity to grow their relationships with large corporations.
"These agreements mean we are investing in the communities we serve," said ComEd Chairman and CEO Frank Clark. "They provide major transactions for minority and community banks, furthering the financial stability and economic development of these areas."
Seaway Bank and Trust Company, Riverside Community Bank and the United Bank of Philadelphia arranged the credit agreements, with JP Morgan Chase serving as the administrative agent. The new credit agreements replace a 2008 arrangement for $66 million.
"We are excited to facilitate a relationship between minority and community banks and a large money center bank," said Joe Trpik, senior vice president and chief financial officer, ComEd. "This working partnership is unique and we're proud to have played a role."
"We are pleased to be able to continue our partnership with ComEd and its parent company, Exelon," said Walter E. Grady, president and CEO of Seaway Bank. "The many African American, Asian, Hispanic, Native American and women-owned banks throughout the country, with whom we partner, are excited to join the minority credit facilities program to better serve their communities, particularly in this economic climate."
In 2008, ComEd spent $169 million with minority and women-owned businesses, representing 17 percent of ComEd's total spend. Combined with Exelon, the total spent with minority and women-owned enterprises last year was $455 million.
Commonwealth Edison Company (ComEd) is a unit of Chicago-based Exelon Corporation (NYSE: EXC), 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.