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Dems deposit $4M in NC banks ahead of convention

DURHAM, NC (AP) — Democrats are trying to show that this year’s national convention nominating President Barack Obama for a re-election run will translate into money for North Carolina.

The CEO of the Democratic National Convention Committee is announcing $2 million in deposits each with two minority-focused financial institutions in Durham.

Convention committee CEO Steve Kerrigan says the deposits are being made with Mechanics and Farmers Bank and the Latino Community Credit Union to help the institutions increase their loan activity. Kerrigan says the money will stay in accounts that generate no interest for the Democrats, who will tap the funds slowly as money is needed for convention expenses.

Wednesday’s loan announcement was the first event by the convention committee outside Charlotte, which will host the four-day convention later this year.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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