Two minority-owned District banks are among 25 in the nation that have granted a total $5 million line of credit to Anheuser-Busch Companies.
Involved in the venture are Industrial Bank of Washington and United National Bank of Washington. National Bankers Association, a Washington-based trade organiation representing the interests of minority and women's banks, worked with Anheuser-Busch and the participating banks to establish the line of credit.
Representative of the St. Louis-based company would not say how much credit the D.C. banks were obliged to make available, but the officials did say the nationwide range of credit committed by the 25 banks was between $50,000 and $575,000.
William Willis, senior vice president and loan officer for Industrial Bank, said large corporations such as Anheuser-Busch are "beginning to shy away from the larger banks" when searching for capital. Smaller banks offer an attractive avenue to increased contact with local business, he said.
Anheuser-Busch Treasurer Gerald C. Thayer said this venture would allow Busch to work more "closely with business and banking leaders who are making significant contributions to the economic development of their local communities."
This is the first time Anheuser-Busch has participated in a line-of-credit arrangement with minority-owned banking institutions. Since 1969, however, the company has invested $1 million yearly in 12-month certificates of deposit at minority-owned banks.