RAELIGH – William “Bill” Spruill is all about letting his dollars do the talking. And at the moment, he’s got millions.

The co-founder and CEO of Global Data Consortium, a global identity verification platform, is fresh off a $3.5 million raise, and business is booming, growing 120 percent year over year.

But instead of keeping all that dough in a big bank, he’s decided to move it to M&F Bank.

Founded in 1907 as Mechanics and Farmers Bank, M&F Bank is the second-oldest minority-owned bank in the U.S. and has long been a symbol of the Durham’s African-American community. It’s also the only Black-owned bank based in North Carolina, with branches in Durham, Raleigh, Charlotte, Greensboro and Winston-Salem.

“We wanted to make a direct impact to the community,” Spruill explains. “Knowing that our funds can help the bank underwrite more loans to businesses in the local community was something that resonated and made sense for us.”

Putting their funds on deposit there will cost them in basis points and interest earned, but it’s worth it, he says.

“Our funds will remain as accessible there as they would in any other location,” he says adding. “I hope it sends the message to my peers in the tech community that while talking is good, actions real action is much better.”

The bank, along with NC Mutual, made up what was known as Durham’s Black Wall Street. It included a group of black businesses in downtown that became an economic engine for the city’s African-American community during the Jim Crow era of racial discrimination.

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But in recent years, it has struggled. Spiraling socioeconomics and the attraction of the more generic big bank options is hurting its bottom line.

In the wake of global racial protests and the Black Lives Movement,  Spruill is now challenging his peers to move their funds as well to show support for the black community.

“I’m hoping to see a few take me up on the challenge in the coming days,” he said. “This is our community. This is where we work, live, grow. We need to do the things to support it not just take and benefit from it. I do intend to launch more initiatives like this one, so stay tuned.”