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Rail News: Financials

CSX creates $15 million credit line with more than a dozen minority owned banks

CSX Corp. and Citizens Trust Bank of Atlanta recently established a $15 million credit line with 13 minority owned banks, many of which are located in communities served by CSX Transportation.

The additional credit facility — led by Citizens Trust Bank — will strengthen CSX's cash reserves and help the company secure short-term loans to cover expenses, CSX officials said in a prepared statement.

The 13 participating banks are: Adams National Bank, Washington, D.C.; EastBank N.A., New York City; City National Bank of New Jersey, Newark; Legacy Bank, Milwaukee; Douglas National Bank, Kansas City, Kan.; State Bank of Texas, Dallas; Highland Community Bank, Chicago; Liberty Bank & Trust Co., New Orleans; United Bank of Philadelphia; Citizens Bank, Nashville, Tenn.; Mutual Community Savings Bank, Durham, N.C.; Carver State Bank, Savannah, Ga.; and Community Bank of South Carolina, Columbia.

CSX continually updates its supplier database to ensure minority owned suppliers are included in purchasing decisions, said CSX Chairman and Chief Executive Officer Michael Ward. Last year, the company purchased about $15 million worth of goods and services from minority suppliers.

"Good business fundamentals include diversity in all aspects of the enterprise, and CSX is committed to that ideal," said Ward.

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More News from 8/3/2004