Comcast, the nation's leading provider of cable, entertainment and communications products and services, today announced that it has extended its credit facility with United Bank of Philadelphia, the city's leading African-American-controlled commercial bank, with a $32.35 million agreement. The financing is a 364-day revolving credit facility that United Bank has syndicated to 19 additional minority-owned banks across the nation.
"This is the fourth consecutive year that Comcast has worked with the United Bank of Philadelphia on a major credit facility and we are very pleased to extend our financing agreement with them," said David L. Cohen, Executive Vice President of Comcast. "Establishing a credit facility with United Bank of Philadelphia and the outstanding consortium of banks they have assembled is a terrific way to partner with small businesses in urban communities nationwide."
Comcast secured its first credit facility with United Bank of Philadelphia in 2004 with a $24.5 million agreement. Since then, the company has increased its financing by more than 33% to today's commitment of $32.35 million.
"Comcast is a leader in supporting urban communities and we are delighted that they have extended their financing with us," said Evelyn F. Smalls, President and CEO of United Bank of Philadelphia. "This credit facility directly benefits the minority-owned banks in our syndicate by increasing our capacity and improving our ability to serve our customers, many of which are small businesses that are cornerstones of commerce in their communities.
"The credit facility offered through United Bank of Philadelphia helped our law firm expand our business into the Philadelphia market," said Lisa D. Love, Esq, whose Newark, New Jersey, law firm, Love & Long, LLP, recently opened its Philadelphia office at 15th & Pine Streets in Center City. "I'm certain many more small businesses will continue to benefit from this outstanding program."
Founded in 1992, the United Bank's primary mission is to foster community development by providing quality, comprehensive banking services to traditionally underserved segments of the Greater Philadelphia region.
About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA, CMCSK) (http://www.comcast.com) is the nation's leading provider of cable, entertainment and communications products and services. With 24.1 million cable customers, 12.4 million high-speed Internet customers, and 3.5 million voice customers, Comcast is principally involved in the development, management and operation of broadband cable systems and in the delivery of programming content.
Comcast's content networks and investments include E! Entertainment Television, Style Network, The Golf Channel, VERSUS, G4, AZN Television, PBS KIDS Sprout, TV One, Comcast SportsNet and Comcast Interactive Media, which develops and operates Comcast's Internet business. Comcast also has a majority ownership in Comcast-Spectacor, whose major holdings include the Philadelphia Flyers NHL hockey team, the Philadelphia 76ers NBA basketball team and two large multipurpose arenas in Philadelphia.
About United Bank
United Bank of Philadelphia is an African American controlled and managed commercial bank chartered in 1992 by the Commonwealth of Pennsylvania Department of Banking. It is a member of the Federal Reserve System and certified by the U. S. Department of Treasury as a Community Development Financial Institution (CDFI), the only commercial bank in Philadelphia designated as such. The Bank provides full service community banking at three financial services centers located in established empowerment zones and emerging markets.
Director of Financial Communication