Texaco Sets Up Minority Credit Line

Texaco Inc. said it established a $50-million credit line with a syndicate of 45 minority-owned banks in the U.S. The three-year revolving line of credit broadens the company’s base of suppliers with minority-owned banks, Texaco Treasurer James Link said. The program comes about one year after Texaco agreed to a $176-million settlement of a class-action discrimination suit filed by black employees. After the settlement, Texaco said it would do more contracting with minority-owned companies. The banks involved are in California and 22 other states and the District of Columbia. The California banks are all based in Los Angeles: Founders National Bank, General Bank and California Preferred Bank.