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.