NEW YORK, September 22, 2009 - JPMorgan Chase raised approximately $90 billion in financing for local governments and nonprofit organizations throughout the country in the past nine months, the company announced today.
Across the nation, the bank has provided $90 billion to non-profit and healthcare companies, universities and state and local government, helping to build bridges and parks, improve social services, train young people for jobs, expand hospitals and fund medical research.
"From the time our country faced its toughest moments in the financial crisis, we have been dedicated to local governments and the organizations at the heart of our communities that Americans have come to depend on," said Todd Maclin, Chase Commercial Bank CEO. "We have always been committed to the communities that we serve, but funding for these organizations is more crucial now than ever before."
JPMorgan Chase's safe and sound lending helped to keep communities moving forward during the recent market turmoil and helped the nation grow through support in the following sectors:
JPMorgan Chase's funding came at a critical time as auction-rate securities and the fixed-rate loan markets shut down, creating severe challenges for many nonprofits and local governments. The company's strong capital position allowed it to step in and help these organizations. In the last nine months, the bank raised nearly $90 billion for these types of institutions through traditional loans, credit facilities and bond and capital market underwritings.
Support for these organizations came to all corners of the country. One example is the line of credit JPMorgan Chase provided to the Woodall Rodgers Park Foundation in Dallas to create a 5.2-acre deck park that will connect three areas that are currently segmented -- Uptown, Downtown and the Arts District -- using sustainable design principles.
"Chase has a good reputation in the community for working effectively with a wide variety of not-for-profit groups on several innovative projects," said Linda Owen, president of the Woodall Rodgers Park Foundation. She further explained why the Foundation turned to Chase for the critical financing it needed during the park's design phase: "Chase bent over backwards to help us get the credit we needed so we could stay on track with our development timeline. They were extremely responsive and did all the necessary due diligence to close the loan within 30 days."
JPMorgan Chase also helped Virtua Health Inc., a regional non-profit healthcare network in southern New Jersey. The bank helped Virtua finance the construction of the Voorhees replacement hospital, a state-of-the-art medical center that will enhance the healthcare system's ability to meet the needs of the community.
"By assisting with the development of a strategic plan and being part of our successful bond financing, JPMorgan Chase provided a positive impact and a significant benefit for the community," said Bob Osler, Treasury Director of Virtua.
For more information about how JPMorgan Chase is helping communities across the country, visit: www.jpmorganchase.com/thewayforward.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan, Chase, and WaMu brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.