Democratic National Convention Committee Announces Deposit of Funds in
Asian American-Serving Bank
Asian American-Serving Bank
CHARLOTTE – The Democratic National Convention Committee (DNCC) announced the investment of a $500,000 convention deposit into East West Bank, a community bank serving the Asian American community. The funds were deposited in a non-interest bearing account, to help the bank expand their lending and economic development efforts across the southeast region.
With each convention, the Democratic National Convention Committee has deposited a portion of its federal grant in minority-owned banks in the city where the convention is being held. The tradition aims to provide local business institutions and their customers with financial and public support in advance of the convention. The DNCC also deposited funds in a North Carolina African American and Latino community bank.
“The DNCC is proud to make a third investment that will create opportunities for the Asian American community,” said DNCC CEO Steve Kerrigan. “The convention seeks to engage all Americans and this deposit will help us achieve our goal.”
Headquartered in California, East West Bank has branches across the country. The DNCC deposit was made at the Georgia branch, one of the closest branches to Charlotte and the Democratic National Convention.
“East West Bank appreciates the DNCC’s deposit and the opportunity to offer financial services to a wider range of customers. We will use these funds to increase our community outreach work and expand our lending and economic development efforts,” said East West Bank’s Chairman and CEO Dominic Ng.
Congressman Mike Honda, Vice Chair of the Democratic National Committee also expressed the following, “The Asian American and Pacific Islander (AAPI) community is an important part of our national fabric, and we hope all our AAPI brothers and sisters will participate in the convention this September. This deposit is another example of the Democratic National Convention Committee’s commitment to diversity and to ensuring that the voices of all Americans are heard.”
The Democratic National Convention Committee is committed to engaging Americans of all backgrounds. As part of an unprecedented diversity contracting policy, the convention established a goal of at least one-third aggregate spending with Minority Business Enterprises (MBEs), Women Business Enterprises (WBEs), Disability-Owned Businesses, LGBT-Owned Businesses and Veteran-Owned Businesses for its contracts and projects.
About East West Bank
East West Bank is a full-service commercial bank serving consumers and businesses. East West Bank prides itself on being the financial bridge between the East and the West by providing uniquely tailored products, services and expertise to help Asian immigrants integrate fully into American life -- as home owners, business owners, community volunteers and philanthropists. By fully utilizing investments, loan products, and community service activities, East West Bank helps people help themselves and provides communities – either directly or indirectly – the resources needed for sustained progress. The bank’s headquarters are in California, with a southeast location in Georgia where the DNCC deposit was made.