Minority Consortium Leads Du Pont Loan

A consortium of more than 75 financial institutions owned by women or minorities has been tapped to lead a $40 million line of credit for E.I. Du Pont.

Du Pont was the seventh major corporation to obtain a loan commitment from the consortium, which is led by Seaway National Bank, the country's largest black-owned bank.

The Du Pont deal, announced Oct. 22, boosts the consortium's total commitment to the seven companies to $245 million, the largest line of credit ever organized by a consortium of minority-owned businesses.

"That Du Pont has joined other organizations in this precedent-setting agreement certainly underscores the confidence these corporate giants have in Seaway's strength, economic stability, and dominance in the banking industry," said Walter Grady, chief executive of the bank, which has $253.7 million in assets.

Other corporations working with the consortium are Colgate-Palmolive, General Electric Co. and General Electric Capital Corp., McDonald's Corp., Philip Morris Cos., Sara Lee Corp., and Sears Roebuck & Co.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER