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SHELL OIL COMPANY ANNOUNCES EXPANSION OF COMMUNITY BANKING PROGRAM TO WASHINGTON D.C.
--The Adams National Bank and Shell to make loans available to minority and women-owned businesses--
Washington, DC - July 21, 2000 - Shell Oil Company today announced it has formed an alliance with The Adams National Bank in Washington D.C., designed to expand Adams' lending capacity to qualified minority and women borrowers. Through the Shell Community Banking Initiative, Shell will participate with Adams to fund business development loans on commercial terms and conditions. Shell will make available up to $7.5 million through Adams to participate in small business and community development loans extended by the bank. Shell has also placed deposits of $1 million in Adams and purchased a $250,000 non-controlling equity interest in the bank.
"Shell developed this initiative because we want to actively participate in the revitalization of under-served communities. We want to provide financial and entrepreneurial education to minority business owners and assist them in achieving their dreams," said Shell Oil Company Treasurer Ron Leftwich. "This alliance between Shell and Adams will result in job creation and community development in Washington D.C. and will assist Adams in providing financing where it may otherwise be unable without Shell's involvement."
"We are particularly pleased to establish the alliance with Shell Oil," said Adams' President and CEO Kathleen Walsh Carr. "Both Shell and The Adams National Bank share a strong commitment to the community and our joint effort will have significant impact on the city of Washington." District of Columbia Mayor Anthony Williams commented: "I'm pleased that Shell Oil selected the District for its community banking initiative--an indicator of the economic potential in our city. We pride ourselves on supporting our small businesses, including women-owned and minority-based businesses. This initiative will help further grow our business sector--the backbone of our strong regional economy."
The Shell Community Banking Initiative was established in February 1998 in Houston and Los Angeles to assist in addressing the social and economic needs in under-served communities. To date, in addition to its investments in the minority banks themselves, Shell has invested approximately $2 million in community development loans in Houston and Los Angeles. All of the loans have resulted in true community enhancement and job creation in these cities. Funding has gone to minority entrepreneurs to establish diverse enterprises, from a state-of-the-art children's school in Inglewood, Calif., to a Denny's Classic Diner in Houston.
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