Robert Johnson's RLJ Companies Launch Student Loan Initiative
RLJ Companies, LLC ("RLJ") controlled by Robert L. Johnson, founder of BET and owner of the NBA Charlotte Bobcats, announced today that, together with a minority investment from Goldman Sachs, it has created UTB Education Finance, LLC, a business established to help families and students meet the ever-increasing cost of financing secondary and post-secondary education. UTB Education Finance has been established to become the nation's premier minority- controlled, service-oriented student loan provider.
"We are thrilled to begin such an important initiative. The size and scope of our company will allow us to create student loan products that will appeal to families and students, and the financial aid professionals that serve them," stated Robert L. Johnson, Chairman of the UTB Education Finance Board. "We are excited to be positioned to create one of the first minority- controlled student loan companies that we hope will be capable of helping millions of students in attaining higher education."
Lloyd Blankfein, President and Chief Operating Officer of Goldman Sachs said, "Financial products that empower students and families in pursuit of higher education are the important focus of this new venture. We are very pleased to be investing in this space with an accomplished partner like Bob Johnson."
Dwight L. Bush, President and CEO of UTB Education Finance, and its affiliate, Urban Trust Bank, added, "This venture is an integral step toward our goal of becoming a premier community financial partner for families, students, homeowners, and small business owners. This venture will initially focus on colleges and universities in urban areas. This is consistent with Urban Trust Bank's mission to provide superior banking products and services to the urban consumer."
About The RLJ Companies. The RLJ Companies ("RLJ"), founded by Robert L. Johnson, founder of Black Entertainment Television, provides strategic investment and direction in and for a diverse portfolio of companies in the financial services, real estate, hospitality/restaurant, professional sports, film production, gaming and recording industries. The RLJ Companies' core businesses include: RLJ Development, a privately held hotel real estate investment company and RLJ Urban Lodging Fund, a private equity real estate fund, which together have over $1 billion in combined assets; RLJ Asset Management Group, which includes RLJ Select Investments, LLC, a hedge fund of funds joint venture with Deutsche Bank AG and RLJ Equity Partners, LLC, a private equity fund formed in partnership with The Carlyle Group; NBA Charlotte Bobcats, WNBA Charlotte Sting and Charlotte Arena Operations; Caribbean Gaming and Entertainment (C.A.G.E.), a video lottery terminal company; Rollover Systems, Inc., a retirement services company, and Three Keys Music, a jazz recording company. www.rljcompanies.com
About Urban Trust Bank. Urban Trust Bank is an RLJ Company affiliate founded by Robert L. Johnson, Frank J. Hanna and Dwight L. Bush. With branches in Orlando, Florida and its flagship location in Washington, DC, Urban Trust Bank is a full-service thrift banking institution. Urban Trust seeks to provide a superior, service-focused banking experience to the urban banking consumer.
About Goldman Sachs. Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.
www.goldmansachs.com
Source: The RLJ Companies
