CHICAGO (Oct. 22) - 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.