Exelon Secures Credit Agreements with 28 Minority and Community Banks in Program’s Thirteenth Year
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 28 community and
minority-owned banks in Illinois, Maryland, New Jersey and Pennsylvania,
reinforcing the company’s commitment to invest in the communities it
serves. The minority and community banking program provides Exelon
subsidiaries BGE, ComEd, PECO and Exelon Generation with additional
sources of credit at competitive prices, while participating banks
benefit from having increased deposits and assets with which to serve
“Experience has taught us that both Exelon and the communities we serve
benefit when we embrace diversity and inclusiveness,” said Jonathan W.
Thayer, senior executive vice president and CFO of Exelon. “This program
is another example of how we can help communities through smart
investment, while at the same time giving us financial flexibility and
providing support to the banks that serve the communities where we live
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 2015 are the United Bank of Philadelphia,
Seaway Bank and Trust Company, Illinois Bank & Trust in Illinois and The
Harbor Bank of Maryland.
“Illinois Bank & Trust is honored to be selected as one of the lead
banks in Illinois to facilitate credit arrangements for Exelon,” said
Illinois Bank & Trust’s President and CEO Steve Ward. “We work hard to
offer lending to a diverse range of businesses -- large and small -- and
to find the best avenue for each customer. We appreciate Exelon’s
business and the resulting partnerships developed in our Northern
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 $1.8 billion of
pension, employee savings plan and retiree healthcare assets invested
with 18 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 $1.1 billion in 2014.
Exelon Corporation (NYSE: EXC) is the nation’s leading competitive
energy provider, with 2014 revenues of approximately $27.4 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 32,000 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 more than 2.5 million
residential, public sector and business customers, including more than
two-thirds of the Fortune 100. 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151027005155/en/
Copyright Business Wire 2015
Source: Business Wire
(October 27, 2015 - 9:00 AM EDT)
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