Comcast Announces Multi-million Dollar Credit Facility with United Bank of Philadelphia
Comcast, the nation's leading provider of cable, entertainment and communications products and services, announced a $30.35 million credit facility with United Bank of Philadelphia, the city's only African-American-controlled commercial bank. This financing is the third of its kind and the most lucrative to date. United Bank has syndicated the 364-day revolving credit facility to 18 additional minority-owned banks across the country.
"We are pleased to extend our relationship with the United Bank of Philadelphia and the excellent group of banks that they have assembled to support this credit facility," said David L. Cohen, Executive Vice President of Comcast Corporation. "Building relationships such as this one helps to create opportunities and strengthen our community."
"Syndicated credit facilities have a direct impact on the bottom line at minority banks, improving our capacity to serve our customers," said Evelyn F. Smalls, President and CEO of United Bank of Philadelphia. "Comcast is in a position to lead and we hope other companies will follow their example."
Founded in 1992, the Bank's primary mission is to foster community development by providing quality, comprehensive banking services to traditionally underserved segments of the Greater Philadelphia region.
Comcast Corporation (Nasdaq: CMCSA, CMCSK) (http://www.comcast.com) is the nation's leading provider of cable, entertainment and communications products and services. With 21.7 million cable customers, 9.0 million high-speed Internet customers, and 1.5 million voice customers, Comcast is principally involved in the development, management and operation of broadband cable systems and in the delivery of programming content.
The Company's content networks and investments include E! Entertainment Television, Style Network, The Golf Channel, OLN, G4, AZN Television, PBS KIDS Sprout, TV One and four regional Comcast SportsNets. The Company 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. Comcast Class A common stock and Class A Special common stock trade on The NASDAQ Stock Market under the symbols CMCSA and CMCSK, respectively.
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.