PECO extends credit lines to local minority and community banks

Written By: Tracy Dawson Roses
October 27, 2015

PECO extends credit lines to local minority and community banks

On October 27, PECO and its parent company, Exelon Corporation, announced it had provided credit lines totaling $123 million to 28 minority and community-owned banks in PECO’s service area and other regions where Exelon operates.

Exelon’s minority and community banking program, which began in 2003, is 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.

Craig Adams, PECO president and CEO commented:

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

Evelyn F. Smalls, president and CEO of United Bank of Philadelphia remarked: “This long-standing relationship with PECO is very important to the Bank and its banking partners. 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.”