RLJ's Urban Trust Bank Holdings and Goldman Sachs 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.”