Exelon Secures Credit Agreements with 31 Minority and Community Banks in Program’s Twelfth Year
October 23 2014 - 2:02PM
Business Wire
Unique program creates a $123 million credit
facility with participating banks in Illinois, Pennsylvania,
Maryland and New Jersey
Exelon arranged $123 million in credit lines with 31 community
and minority-owned banks in Illinois, Pennsylvania, Maryland and
New Jersey, reinforcing the company’s commitment to invest in the
diverse communities it serves. The minority and community banking
program provides Exelon subsidiaries Exelon Generation, PECO, ComEd
and BGE with additional sources of credit at competitive prices,
while participating banks benefit from having increased deposits
and assets with which to serve their communities.
“Exelon has learned from experience that both the communities we
serve and our company benefit when we embrace diversity and
inclusiveness,” said Jonathan W. Thayer, senior executive vice
president and CFO of Exelon. “This program gives our company
greater financial flexibility and strengthens the banks that
provide the financial support our communities depend upon.”
Exelon’s minority and community banking program began in 2003
and remains unique in the energy industry. Administered by JP
Morgan Chase since its inception, the program has more than tripled
in credit facility size and quadrupled the number of participating
banks.
The four lead credit arrangers for 2013 are the United Bank of
Philadelphia, Seaway Bank and Trust Company and Riverside Community
Bank in Illinois, and The Harbor Bank of Maryland.
“Syndicated credit facilities have a direct impact on the bottom
line at minority and community banks, improving our capacity to
serve our customers,” said Evelyn F. Smalls, president and CEO of
United Bank of Philadelphia. “Exelon has demonstrated vision and
leadership in extending this opportunity to our institutions -- we
hope other companies will follow their example.”
As part of its business strategy to advance diversity and
inclusion, Exelon also maintains partnerships with minority- and
women-owned investment firms. Exelon currently has approximately
$1.7 billion of pension, employee savings plan and retiree
healthcare assets invested with 15 diverse investment firms.
Exelon has a demonstrated commitment to supplier diversity
throughout its business and has made it a critical part of the
company’s overall supply chain strategy. Exelon’s corporate
spending with diversity-certified businesses reached more than $906
million in 2013.
Exelon Corporation (NYSE: EXC) is the nation’s leading
competitive energy provider, with 2013 revenues of approximately
$24.9 billion. Headquartered in Chicago, Exelon does business in 48
states, the District of Columbia and Canada. Exelon is one of the
largest competitive U.S. power generators, with more than 35,000
megawatts of owned capacity comprising one of the nation’s cleanest
and lowest-cost power generation fleets. The company’s
Constellation business unit provides energy products and services
to approximately 100,000 business and public sector customers and
approximately 1 million residential customers. Exelon’s utilities
deliver electricity and natural gas to more than 7.8 million
customers in central Maryland (BGE), northern Illinois (ComEd) and
southeastern Pennsylvania (PECO). Follow Exelon on Twitter
@Exelon.
Exelon CorporationPaul AdamsCorporate
Communications410-470-4167paul.adams@constellation.com
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