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August Wilson Center Gets Construction Financing From Local Bank Consortium

$7 million construction loan provided by 7 local banks

Pittsburgh, PA: April 4, 2007 - In the midst of a multi-million dollar capital campaign for their new home, the August Wilson Center for African American Culture announced today that they will be receiving a $7 million construction line of credit from seven local banks.

"Obtaining this loan at this stage of our campaign was critical to our plans to open this magnificent cultural center," explained the Center's President and CEO, Neil Barclay. "The warm and quick response from these local financial institutions illustrates the broad support the community has for this magnificent project and shows that the banks understand the economic impact this center will have on the entire western Pennsylvania region. As August Wilson himself once said, 'We must develop the ground together,' so I am especially pleased that the banks participating in this loan are located from across western Pennsylvania."

Led by Dollar Bank, the lending consortium is regional in nature and includes Allegheny Valley Bank, Community Bank of Carmichael, Fidelity Bank, Iron & Glass Bank, Irwin Bank and Washington Federal Savings & Loan.

Named for the Pittsburgh-born, award winning playwright August Wilson, the Center will be located on Liberty Avenue at the corner of Tenth Street and William Penn Way in downtown Pittsburgh. The 65,000 square foot Center will be a state-of-the-art, multidisciplinary venue celebrating the contributions of African Americans in music, theater, dance, science, athletics, business and more. The building will house a 500-seat theater for dance, theater and musical performances, along with gallery space, a music café and a theatrically equipped multi-purpose community center.

"Although our fundraising campaign is going well, obtaining this loan at this stage enables us to continue to build this wonderful gathering place that will attract visitors from around the world" explained Barclay. "The support of the state and local governments, the foundation community, corporate friends, individuals and now these local banks proves that the August Wilson Center is a treasure already embraced by the entire community."

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