Today's Date: March 19, 2024
Mbanq and The Financial Policy Council to Host: “Business Banking Battles – Big Value in the Face of Bank Industry T   •   EarthX to Feature Benji Backer, Author of "The Conservative Environmentalist," at Upcoming Congress of Conferences   •   Center for Disease Analysis Foundation Announces First Round of Grantees for the CDAF-Relink Grant   •   Statement by Minister Qualtrough on the Closing of the 2024 Arctic Winter Games in the Mat-Su Valley, Alaska   •   Carlisle Companies to Acquire MTL Holdings, a Leader in Edge Metal and Non-Insulated Architectural Wall Systems   •   SBS TO RECEIVE MULTIMILLION DOLLAR SETTLEMENT FROM VOZ MEDIA   •   New ASEAN Energy and ACTUAL Sign Cooperation Agreement to Develop Net-Zero Plan for the New $5B USD Pengerang Energy Complex   •   Using Banuba SDKs Gives Businesses an Advantage in the Case of TikTok Ban   •   Spire Global to Enhance AI-Driven Weather Prediction in Collaboration with NVIDIA   •   Back Market Plugs into Google Cloud to Power Global Expansion and Support Sustainability Mission   •   NAREB PREPARES MEMBERS FOR MAJOR CHANGES TO HOME SALES AGENT COMMISSIONS AFTER LAWSUIT SETTLEMENT   •   TM Associates Announces Grand Opening of Luxury Affordable Apartment Community in DC, MDXL Flats Apartments   •   UL Solutions and SINAI Technologies Join Forces to Help Customers Enhance Decarbonization and ESG Performance and Reporting   •   College of Saint Mary Selects YuJa Enterprise Video Platform as Campuswide Media Creation and Distribution Solution   •   Mitsubishi Electric Named to CDP Supplier Engagement Leader   •   Smarter AI for All: Lenovo Unveils Hybrid AI Solutions that Deliver the Power of Tailored Generative AI to Every Enterprise and   •   Cadence and NVIDIA Unveil Groundbreaking Generative AI and Accelerated Compute-Driven Innovations   •   EverWind Fuels Praises Historic Canada-Germany Agreement to Sell Canadian Green Hydrogen   •   RepRisk ESG risk data now available to Bloomberg Data Management Services customers   •   NATURE'S MIRACLE HOLDING INC. RECENTLY RANG THE CLOSING BELL AT NASDAQ, TIMES SQUARE NYC
Bookmark and Share

Minority Banks Get Credit Boost

 CHICAGO -- Exelon has entered into new credit agreements totaling $94 million with 29 minority and community banks located in the regions the company serves.

The agreements provide Exelon, and its subsidiary companies Exelon Generation, ComEd and PECO, with additional sources of credit while expanding their relationships with minority and community banks.

"Exelon is only as strong as the communities it serves, and these agreements are one way we live up to our commitment to diversity and local investment," said Chaka Patterson, vice president and treasurer of Exelon. "Not only does this provide us added financial flexibility, but it offers the banks an opportunity to gain experience managing complex transactions with a Fortune 200 company, which can help them attract other clients."

The lead arranger banks for the credit agreements are Seaway Bank and Trust Company in Chicago, Riverside Community Bank in Rockford, Ill., and United Bank of Philadelphia. The new credit agreements replace a 2009 arrangement for $67 million.

"Having a credit agreement with a large company like Exelon enhances our reputation in the community," said Arlene Williams, executive vice president of Seaway Bank and Trust Company. "It also demonstrates Exelon's interest in improving our area's financial stability and economic development."

Exelon's minority and community banking program -- the only one of its kind in the energy industry -- aims to increase the company's business with local and diverse banks in its key markets. The program has nearly tripled in size since it began in 2003 with a $36 million credit facility from eight community banks. Four new Philadelphia-area community banks joined the program in 2010, including Beneficial Bank, Bryn Mawr Trust, Conestoga Bank and Fox Chase Bank.

Exelon has a strong and growing commitment to supplier diversity and has made it a critical part of its overall supply chain strategy. In 2009, nearly 6 percent of Exelon's total spend went to minority- and women-owned businesses, and the company had $667 million under management with 10 minority- and women-owned investment banks.

Exelon Corporation is one of the nation's largest electric utilities with more than $17 billion in annual revenues. The company has one of the industry's largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon distributes electricity to approximately 5.4 million customers in northern Illinois and southeastern Pennsylvania and natural gas to approximately 486,000 customers in the Philadelphia area. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.


STORY TAGS: BLACK , AFRICAN AMERICAN , MINORITY , CIVIL RIGHTS , DISCRIMINATION , RACISM , NAACP , URBAN LEAGUE , RACIAL EQUALITY , BIAS , EQUALITY



Back to top
| Back to home page
Video

White House Live Stream
LIVE VIDEO EVERY SATURDAY
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Video

LIVE BROADCASTS
Sounds Make the News ®
WAOK-Urban
Atlanta - WAOK-Urban
KPFA-Progressive
Berkley / San Francisco - KPFA-Progressive
WVON-Urban
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
WADO-Spanish
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
WOL-Urban
Washington - WOL-Urban

Listen to United Natiosns News