The Democratic National Convention Committee (DNCC) announced today at press conference at the historic North Carolina Mutual Insurance Building in Durham, the investment of convention funds in two North Carolina minority-owned banks. The DNCC deposited two million dollars each in non-interest bearing accounts with Mechanics and Farmers Bank and the Latino Community Credit Union.
“The DNCC is working to bring Americans together to strengthen the economy in a way that creates more opportunity for all communities,” said Steve Kerrigan, DNCC CEO. “The funds deposited with Mechanics and Farmers Bank and the Latino Community Credit Union will help these institutions expand lending and economic development efforts to communities across the state. And the historic North Carolina Mutual Life Insurance Building, the oldest and first African American-owned insurance company in the country, is a fitting backdrop for this announcement.”
With each convention the DNCC has made a practice of depositing a portion of its federal grant in minority-owned banks in the city where the Democratic National Convention is being held. The tradition aims to provide local business institutions and their customers with financial and public support in advance of the convention.
“The city of Durham is thrilled to host the DNCC for this announcement,” stated Mayor Bill Bell. “Mechanics and Farmers Bank and the Latino Community Credit Union are strong community partners, and the convention’s investment in these banks will make a difference where it matters in the city of Durham and across the state of North Carolina. We value the DNCC’s commitment to diversity in choosing these two institutions.”
“We are appreciative and pleased that the DNCC has chosen to invest in Mechanics and Farmers Bank’s mission,” said Kim Saunders, President and CEO of Mechanics and Farmers Bank. “As one of North Carolina’s select few Community Development Financial Institutions (CDFIs), Mechanics and Farmers Bank plays a critical role in expanding access to capital and providing lending services to North Carolina markets that traditionally have been underserved.”
“The Latino Community Credit Union (LCCU) is appreciative of the $2 million dollar deposit,” stated Alison Beck Yonas, Vice President of Finance for Latino Community Credit Union. “It will continue to help us put deposits from institutions and individuals to work to help improve our local communities, through loans for working families to own their own homes, to build a credit history, or to improve their microbusiness. LCCU’s presence has been shown to reduce crime and improve property values, for the benefit of all North Carolinians.”