This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

PECO Credit Agreements Extend Relationships With Minority And Community Banks

PECO and its parent company, Exelon Corporation, have arranged $123 million in credit lines with 31 minority and community owned banks in the Philadelphia region and other regions where Exelon operates.

The company’s minority and community banking program, which began in 2003, provides Exelon subsidiaries, including PECO, with additional sources of credit at competitive prices, while participating banks benefit from having increased deposits and assets with which to serve their communities.

Locally, the United Bank of Philadelphia served as a lead arranger for the $34 million credit facility for PECO. 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.

In a challenging economic climate, Craig Adams, PECO president and CEO, said these agreements provide PECO and Exelon with an additional source of credit at competitive prices while offering minority and community banks an opportunity to grow their relationships with Fortune 500 companies. Adams added that these agreements are part of PECO’s and Exelon’s ongoing efforts to engage minority-owned firms, demonstrate their commitment to diversity and inclusion in all business relationships, and provide greater opportunity for minority banks to participate in major transactions.

“Supplier diversity is an important part of our diversity and inclusion strategy,” said Adams. “Diversity and inclusion are about increasing opportunities and ensuring broad access, not just in terms of how we hire, but as a fundamental way of doing business every day.”

“We are pleased to facilitate a relationship between minority and community banks and a large money center bank in order to accomplish an important business objective,” said Phil Barnett, PECO senior vice president, chief financial officer and treasurer. “This working partnership is unique, and we’re proud to have played a role.”

Last year, PECO spent $76 million with minority and women-owned businesses. With the addition of Constellation and BGE to the Exelon family of companies, Exelon’s corporate spending with certified minority- and women-owned businesses reached more than $750 million in 2012.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,654.77 +369.26 2.27%
S&P 500 1,987.66 +47.15 2.43%
NASDAQ 4,812.7080 +115.1720 2.45%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs