press release

Texaco Press Release - Texaco Establishes $50 Million Credit Facility with Minority-Owned Banks


WHITE PLAINS, N.Y., Nov. 12 - Texaco announced today that it has established a $50 million credit facility that is fully syndicated among 45 minority-owned banks across the country. City National Bank of New Jersey (CNB) will manage the three-year revolving line of credit.

Texaco Inc. Treasurer James F. Link noted, "This credit facility serves a dual purpose in providing Texaco an alternate credit line and in broadening our base of suppliers with minority-owned banks in 23 states and the District of Columbia. We are pleased to be working with these institutions and the agent, City National Bank of New Jersey, which has a strong record of managing corporate credit facilities and excellent networking capabilities."

CNB President and Chief Executive Officer Louis E. Prezeau added, "Texaco is a valued and welcomed addition to CNB's growing roster of corporate clientele. This newly formed partnership is especially significant because it was financially fueled by a consortium of over 40 minority-owned banks throughout the country. We hope CNB's relationship with Texaco will generate interest from other corporations to foster additional opportunities for the entire minority banking community."

City National Bank of New Jersey, the state's only African-American commercial banking institution, has assets of nearly $140 million and is ranked by Black Enterprise Magazine among the top ten largest minority banks in the country.

Updated: November 1997