Exelon Credit Agreements Expand Relationships with Minority and Community Banks - .
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Exelon Credit Agreements Expand Relationships with Minority and
$94 million facility from 29 banks underscores commitment to working with diverse suppliers
Source: Exelon Corporation On Monday October 25, 2010, 2:21 pm EDT
CHICAGO--(BUSINESS WIRE)-- 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
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
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.
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