To promote local spending, bank distributes local 'currency".

• Position: Marketing News - Piedmont Local EcoNomy Tender - Brief article

To boost the economy and to promote local spending, Capital Bank (assets: $1.7 billion) in Pittsboro, N.C., has joined a program in which the community is distributing its own local "currency," valid only at local participating businesses.

The program is called PLENTY (Piedmont Local EcoNomy Tender) and is sponsored by the PLENTY Currency Cooperative. Capital Bank's Pittsboro branch is offering exchange services at the rate of $0.90 for one PLENTY, providing consumers a 10 percent discount on purchases from local businesses. The PLENTY denominations correspond directly with US dollars ($1, $5, $10, etc.) and are taxed the same as dollars.

"Capital Bank stepped up...