PRESS RELEASE
September 26, 1996

CLINTON/GORE CAMPAIGN COMMITTEES DEPOSIT FUNDS IN MINORITY-OWNED, COMMUNITY-BASED BANKS

WASHINGTON, D.C. -- The Clinton/Gore Campaign Committees will deposit five million dollars of its campaign funds into four of the nation’s leading minority-owned, community-focused banks on September 30, announced Clinton/Gore Campaign Manager Peter S. Knight today.

Each bank will receive deposits totalling $1.25 million, making it the largest sum ever deposited into minority-owned banks by a Democratic presidential general election committee. The four banks are United Bank of Philadelphia; International Bank of Commerce in Laredo, Texas; Banco Popular in New York City; and Citizens Trust Bank in Atlanta, Georgia.

In announcing the transfers, Knight said, "Today’s action reflects the President’s deep commitment to urban redevelopment and minority-owned businesses. It also represents the President’s long-held view that expanding opportunity and investing in communities are key elements in keeping America on track as we head into the 21st century."

President Clinton has a strong record of supporting community economic empowerment. Among other initiatives he has championed, such as raising the minimum wage and expanding the Earned Income Tax Credit for working families, the President established the Community Development Banks and Financial Institutions Fund to leverage private investments; expanded the Community Reinvestment Act that will help unleash billions in new credits for economic development in distressed communities; created a network of community development banks in low-and moderate-income communities; and established one-stop capital shops that are distributing millions in loans and investment for small and minority-owned businesses.

Deputy Campaign Manager and Chief Operating Officer, Theodore Carter explained that the banks were chosen on the strength of their community involvement as well as their solid financial position. "The President consistently stresses that it is good business to support companies that invest in their communities," said Carter.

International Bank of Commerce, incorporated in 1966, is the largest Hispanic-owned commercial bank in the U.S. Citizens Trust Bank was incorporated in 1921 and has eight branches in Atlanta. United Bank of Philadelphia, founded in 1992, is the first African American controlled, full-service bank established in the city since 1923. Banco Popular in New York City is a branch of Banco Popular de Puerto Rico, the largest banking operation on the island.

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