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 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 long recognized that we are at our best when we embrace diversity and inclusiveness, and that extends to the many community-based service providers, vendors and individuals with whom we do business,” said Jonathan W. Thayer, executive vice president and CFO of Exelon. “This program provides us with greater financial flexibility, while also supporting the banks that are helping to build stronger communities where we live and work.”
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.
“The small businesses and consumers in the communities we serve benefit from Seaway Bank’s partnership with Exelon,” said Walter Grady, president and CEO of Seaway Bank and Trust Company. “We are able to leverage the financial support derived from the Exelon credit lines to provide enhanced products and services. As a minority-owned community bank, the value of Exelon’s investment in the communities we serve is enormous.”
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 $900 million of pension and healthcare assets invested with 11 diverse investment firms.