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Rail News: Financials

CSX creates credit line with another minority owned bank


CSX Corp. has established a line of credit with another minority owned bank as part of a $15 million agreement with a syndicate of minority owned banks led by Citizens Trust Bank of Atlanta. Yesterday, CSX announced it set up a $1 million credit line with Chicago-based Highland Community Bank.

The additional credit facility will help CSX secure short-term loans to cover expenses and strengthen its cash reserves, according to a prepared statement.

In addition to Highland Community Bank, the syndicate includes Adams National Bank, Washington D.C.; EastBank N.A., New York City; City National Bank of New Jersey, Newark; Legacy Bank, Milwaukee; Douglass National Bank, Kansas City, Kan.; State Bank of Texas, Dallas; Citizens Trust Bank of Atlanta; 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 is committed to increasing minority business relationships because "good business fundamentals include diversity in all aspects of the enterprise," said CSX Chairman and Chief Executive Officer Michael Ward, adding that last year, the company increased purchasing with minority suppliers by a total of $15 million.

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More News from 8/27/2004