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 October 27, 2015 - 10:00 AM EDT
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PECO Extends Credit Agreement and Empowers Local Minority and Community Banks

PECO and its parent company, Exelon Corporation, have arranged credit lines totaling $123 million with 28 minority and community-owned banks in located in PECO’s service area and other regions where Exelon operates. These transactions help grow local businesses, the local economy, and are critical to many communities that remain challenged by current economic conditions.

Exelon’s minority and community banking program, which began in 2003, is 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. Locally, the United Bank of Philadelphia serves as a lead arranger for PECO’s $34 million credit line.

“We are committed to supporting our local businesses and driving economic growth across the Greater Philadelphia region,” said Craig Adams, PECO president and CEO. “Supplier diversity is an important part of this strategy, and it is a fundamental way of doing business at PECO.”

"This long-standing relationship with PECO is very important to the Bank and its banking partners," said Evelyn F. Smalls, president and CEO of United Bank of Philadelphia. "PECO has been unwavering in its commitment to community banking and the financial benefit to our banks is important as we continue to provide access to capital to small businesses in the region."

Exelon and PECO’s commitment to supplier diversity is a critical part of the company’s overall supply chain strategy. Exelon’s corporate spending with diversity-certified suppliers totaled more than $1.1 billion in 2014, with PECO accounting for $124 million of that spend. PECO spent $93 million of its total with diversity-certified prime contractors and service providers, including those based in Pennsylvania.

Earlier this year, PECO was recognized by The Eastern Minority Supplier Diversity Council (EMSDC) as “Corporation of the Year,” honoring the company for its efforts to develop and expand relationships with minority and women-owned businesses.

For more information on PECO’s commitment to diversity and inclusion, visit peco.com.

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 506,000 natural gas customers in southeastern Pennsylvania and employs about 2,400 people in the region. PECO delivered 89.9 billion cubic feet of natural gas and 37.5 billion kilowatt-hours of electricity in 2014. 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

PECO
Ben Armstrong
215-841-4137 or 215-841-5555
benjamin.armstrong@exeloncorp.com


Source: Business Wire (October 27, 2015 - 10:00 AM EDT)

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