Democratic National Convention Committee invests in Chicago minority community banks

Jet, March 4, 1996

The Democratic National Convention Committee, which oversees the Democratic National Convention to be held in Chicago in August, recently announced that it will invest a portion of its money ($1.5 million) in three Chicago minority community banks.

Seaway National Bank, Community Bank of Lawndale and Second Federal Savings and Loan will each receive $500,000 for deposit on interest-bearing checking accounts.

The $1.5 million will remain in the banks for approximately six months. And according to Committee officials, each bank will be able to use the $500,000 for free to loan to community businesses.