Local Banks Form Partnership to Support City Museum; $10M Loan Moves Historical Society Project Closer to Spring 2003 Completion (U.S. Newswire)

- YAHOO.COM

Three Washington area banks, Chevy Chase Bank, The Adams National Bank, and Riggs Bank N.A. recently joined forces to support the City Museum, a project of The Historical Society of Washington, D.C., with a $10 million loan. This partnership represents a significant commitment by three local banks to open the City Museum in spring 2003 as the only museum dedicated to telling Washington’s stories. "After September 11, like other initiatives, our efforts to secure financing were put on hold," says Historical Society President and CEO Barbara Franco. "When the city began to show signs of recovery, our bank partners stepped up to the plate with a new solution. Their collaboration on this project marks the shared excitement about the City Museum and its role in the city’s renaissance." Chevy Chase Bank, the largest bank owned and headquartered in the metropolitan Washington, D.C. area, is the lead lender for the project financing and a major contributor to the City Museum. "We are pleased to be a key participant in financing this important project," says Pat Clancy, executive vice president and senior lending officer. ...

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