CHARLOTTE, N.C. – The Democratic National Committee announced this morning it is depositing $4 million in Durham-based Latino Community CU and Mechanics and Farmers Bank for use in conjunction with the Democratic National Convention being held here the week of Sept. 3.
The non-interest bearing deposits are being placed as part of an effort to provide local institutions with financial and public support in advance of the convention, according to the DNC. A DNC spoksman said the goal is that the money will be used close to the convention so that the funds can remain deposited as long as possible.
Latino Community is one of the nation’s biggest community development credit unions with more than $100 million in assets and ten branches. Mechanics and Farmers Bank began operations in 1908 in a downtown Durham neighborhood known as "Black Wall Street" for the location of prominent black--owned businesses and entrepreneurs there. Each institution will receive a $2 million deposit, the DNC said.
The money is a portion of the $17.7 million in public funding received by the committee to help cover the costs of running the convention. The majority of the funds are being deposited with Bank of America, which is also based locally.
