Black People Politics : Democratic Party deposits $2 million in Black-owned banks

Discussion in 'Black People Politics' started by Knowledge Seed, Jan 4, 2012.

  1. Knowledge Seed

    Knowledge Seed Well-Known Member MEMBER

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    In an effort to demonstrate that its 'People's Convention' mantra is more than just a slogan, the Democratic National Convention Committee deposited $4 million in convention funds into two minority owned North Carolina banks. The deposits were made during a ceremony in Durham, North Carolina Wednesday afternoon.

    According to Steve Kerrigan, CEO of the DNCC, depositing a portion of the convention's operating budget into minority owned banks is an important tradition that helps the DNCC to truly become a part of the local economy. "We are depositing in minority owned banks as a way of helping the community over the next several months; by giving [the banks] the opportunity to invest."

    The organizers of The Democratic National Convention, which will be held in Charlotte, North Carolina, beginning September 3rd, have promised that this year's event will be accessible and people friendly. The DNCC deposited $2 million into the Latino Community Credit Union and Mechanics and Farmers Bank, respectively.
    The banks were selected by the DNCC based upon their individual records of investing in the financial interests of people of color. The DNCC's money will be held in interest free accounts at both institutions.

    Mechanics and Farmers Bank was founded over one hundred years ago by a group of African American professionals who recognized the lack of opportunities for blacks to obtain financing and deposit their money safely. Since then, the bank has made promoting personal and community development amongst African Americans a top priority.

    "These deposits are the fuel that we need in order to make loans," said Kim Saunders, President and CEO of Mechanics and Farmers Bank. "These deposits will provide us with additional resources to be able to provide loans to small and medium sized businesses as well as individuals."

    Based in Durham, Mechanics and Farmers Bank is a Community Development Financial Institution, meaning that its mission includes serving those who are often ignored by traditional financial institutions. It has branches in Raleigh, Durham, Winston-Salem, Greensboro and Charlotte, North Carolina's major urban centers.

    Saunders said that she is appreciative and pleased that the DNCC selected Mechanics and Farmers. She was confident that Mechanics and Farmers stood out to the DNCC based upon the merits of the banks distinguished track record.

    "We have an unbroken record of profitability," said Saunders. "Since the bank opened its doors in 1908 the bank has never lost money in any single year. That consecutive record of profitability is stellar not only for minority banks but for banks and companies in general in our country."

    Click here for more info
     
  2. Clyde C Coger Jr

    Clyde C Coger Jr going above and beyond PREMIUM MEMBER

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    In the Spirit of Sankofa,

    .......Good news, here's verification of Mechanics and Farmers's positioning on the list of black banks, currently fifth (5th):

    http://fdic.gov/regulations/resources/minority/minority1q2011_status.html

    http://destee.com/index.php?threads...-stay-out-of-the-red.67671/page-2#post-700222

    Peace In,

     
  3. info-moetry

    info-moetry STAFF STAFF

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    peace

    It sounds good on the surface, but the only thing i immediately see is the fact that they said 'THESE DEPOSITS are the fuel we needed to give/make loans"? As if they weren't able to before thought they've never had a non-profitable year.

    Loans are not given out in paper and haven't been for a long, long time. If you need a loan, depending on your credit rating and how much you are asking for, if you are approved all they do is type in the amount and place that amount in your account. Loans are created out of thin air. So that portion of the article is a little mis-leading.
     
  4. Ankhur

    Ankhur Well-Known Member MEMBER

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    Yeah, this stuff dont smell right!

    Just before an election,
    as if we as folks from the south can be bought off or something?
     
  5. Clyde C Coger Jr

    Clyde C Coger Jr going above and beyond PREMIUM MEMBER

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    .......lol

    Peace In,
     
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