To help grow local businesses and keep dollars in the local economy, Commonwealth Edison Co. (ComEd) and its parent company, Exelon Corp., have approved credit lines totaling $123 million with 28 minority and community-owned banks.
Exelon launched a minority and community banking program in 2003. Since then, the program has more than tripled in credit facility size and quadrupled the number of participating banks.
“As a company located exclusively in northern Illinois, we have a special interest in our local businesses and stimulating economic development in our communities,” Joe Trpik, senior vice president, chief financial officer and treasurer of ComEd said.
Veranda L. Dickens, Chairman of Seaway Bank and Trust Co., lauded ComEd's efforts.
“ComEd continues to support the mission of community banks by showing their commitment to business and economic development in the communities that we serve," she said. "As an African-American woman-owned institution, we are honored that Seaway Bank and Trust Co. has again been given the opportunity to have had a role in arranging this credit facility for ComEd and its parent company Exelon.”
Commonwealth Edison Co. is a unit of Chicago-based Exelon Corp. ComEd, an energy delivery company, provides service to approximately 70 percent of the state's population.