Bank credits big spike in deposits to drive for social justice

Aug 26, 2020

M&F Bank CEO credits nearly $30M spike in deposits to drive for social justice

A heightened interest in social justice has meant a boost to a historically Black institution, M&F Bank, in Durham.

CEO James Sills told TBJ he attributes it to an increase in deposits from area businesses.

“I would say that, since the end of May through the first part of August, we’ve seen a significant increase in deposits and it’s primarily local deposits from local corporations, nonprofits, small and medium-sized businesses,” he said. “It really is because of all of the social unrest, people wanting to partner with our bank and have a relationship with our bank.”

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