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Minority Banks Get DNC Deposits

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.

Leoneda Inge is WUNC’s race and southern culture reporter, the first public radio journalist in the South to hold such a position. She also is co-host of the podcast Tested and host of the special podcast series, PAULI. Leoneda is the recipient of numerous awards from AP, RTDNA and NABJ. She’s been a reporting fellow in Berlin and Tokyo. You can follow her on Twitter @LeonedaInge.
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