Minority Banks Get DNC Deposits

Jan 5, 2012

Two minority banking institutions in Durham have just received big financial investments from the Democratic National Convention Committee.

Leoneda Inge:  Yesterday, Steve Kerrigan, head of the DNC Committee, officially invested 4-million-dollars in convention funds in the Latino Community Credit Union and Mechanics and Farmers Bank.

Steve Kerrigan:  We hope that Mechanics and Farmers and LCCU use these resources to do what they do best which is to invest in the community.

Kim Saunders is President and CEO of the century old Mechanics and Farmers Bank.

Kim Saunders:  These deposits are non-interest bearing deposits which make them very powerful as a resource.  So we immediately, actually as a bank get benefit the moment those monies are in the bank.
The DNCC says it wants to leave behind a positive legacy once September’s convention is over.