PECO Credit Agreements Extend Relationships With Minority and Community
PHILADELPHIA -- October 22, 2013
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.
Based in Philadelphia, PECO is an electric and natural gas utility subsidiary
of Exelon Corporation (NYSE: EXC). PECO serves 1.6 million electric and
497,000 natural gas customers in southeastern Pennsylvania and employs about
2,400 people in the region. PECO delivered 76.5 billion cubic feet of natural
gas and 37.5 billion kilowatt-hours of electricity in 2012. 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.
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
Ben Armstrong, 215-841-4137 or 215-841-5555
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