PECO Credit Agreements Extend Relationships with Minority and Community Banks
October 27 2014 - 2:00PM
Business Wire
Transactions help support local business and
keep dollars in the local economy
PECO and its parent company, Exelon Corporation, have arranged
$123 million in credit lines with 31 minority and community-owned
banks in PECO’s service area and other regions where Exelon
operates. These transactions help to grow local businesses and keep
valuable dollars in the local economies.
Exelon’s minority and community banking program, which began in
2003, remains unique in the energy industry. Locally, the United
Bank of Philadelphia served as a lead arranger for the $34 million
credit facility for PECO. 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.
In a challenging economic climate, Craig Adams, PECO president
and CEO, said these agreements provide PECO and Exelon with an
additional source of credit at competitive prices while offering
minority and community banks an opportunity to grow their
relationships with Fortune 500 companies. Adams added that
these agreements are part of PECO and Exelon’s ongoing efforts to
engage minority-owned firms, demonstrate their commitment to
diversity and inclusion in all business relationships, and provide
greater opportunity for minority banks to participate in major
transactions.
“Supplier diversity is an important part of our diversity and
inclusion strategy,” said Adams. “Diversity and inclusion are about
increasing opportunities and ensuring broad access, not just in
terms of how we hire, but as a fundamental way of doing business
every day.”
“We are pleased to facilitate a relationship between minority
and community banks and a large money center bank in order to
accomplish an important business objective,” said Phil Barnett,
PECO senior vice president, chief financial officer and treasurer.
“This working partnership is unique, and we’re proud to have played
a role.”
“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, United Bank of
Philadelphia president and CEO. “Exelon has demonstrated vision and
leadership in extending this opportunity to our institutions – we
hope other companies will follow their example.”
Exelon and PECO have demonstrated a commitment to supplier
diversity and have made it a critical part of the company’s overall
supply chain strategy. In 2013, PECO spent $102 million with
diversity-certified suppliers, equaling 15 percent of its supply
contracting totals. PECO spent $76 million, or 11 percent, of the
total spend with diversity-certified prime contractors and service
providers based in Pennsylvania. Exelon’s corporate spending with
certified minority- and women-owned businesses reached more than
$906 million in 2013.
Based in Philadelphia, PECO is an electric and natural gas
utility subsidiary of Exelon Corporation (NYSE: EXC). PECO serves
1.6 million electric and more than 500,000 natural gas customers in
southeastern Pennsylvania and employs about 2,400 people in the
region. PECO delivered 85.7 billion cubic feet of natural gas and
37.8 billion kilowatt-hours of electricity in 2013. Founded in
1881, PECO is one of the Greater Philadelphia Region's most active
corporate citizens, providing leadership, volunteer and financial
support to numerous arts and culture, education, environmental,
economic development and community programs and organizations. For
more information visit PECO.com, and connect with the company on
Facebook and Twitter.
If you are a member of the media and would like to receive PECO
news releases via e-mail please send your e-mail address to
PECO.Communication@exeloncorp.com
PECOBen Armstrong, 215-841-4137 or
215-841-5555benjamin.armstrong@exeloncorp.com
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