Carver State Bank
Carver State Bank has been a vital part of the Savannah, GA community since it was founded as the Georgia Savings and Realty Corporation in 1927. The mission of Carver State Bank is to maintain a sound, profitable, growing institution by providing high-quality products and services for the Bank's customers, especially those in it's targeted communities.
Streaming giant Netflix is depositing $100 million of its cash on hand in Black-owned banks. The company says Black-owned financial institutions have a harder time accessing capital and that the move should help the banks lend more to their communities. There are only 21 Black-owned banks in the United States, and they’re predominantly located in communities of color. Michael Neal, a senior research associate at the Urban Institute, said they don’t have the deposits that other banks do. At the Black-owned Carver State Bank in Savannah, Georgia, Robert James II said more deposits could help his bank make more loans for affordable housing. “We would be able to extend more small business capital,” James said. “We would be able to extend more credit to some of the nonprofits that we serve.”
The StoryBank Project is a CDBA initiative to capture success stories of various impactful loans from our member banks through the eyes of their customers. These important stories show how underserved communities benefit directly from mission-based banking and financial services. Our latest video highlights Carver State Bank in Savannah, Georgia. The story follows two of the bank's lending projects: Renee's Kids World, a daycare center offering wraparound care to children of working parents, and the Old Savannah City Mission, a nonprofit shelter for homeless and formerly incarcerated local citizens.
The recent #BankBlack social media campaign has brought black banking back into the national consciousness. The movement has inspired thousands of people across the country to transfer or deposit millions of dollars into black-owned banks for the first time. With this support, black-owned banks invest in urban communities, employ African Americans, and inspire black home ownership. For those considering making the change, here is a list of 13 banks to consider, including CDBA members United Bank, Industrial Bank, Harbor Bank of Maryland, Broadway Federal Bank, OneUnited Bank, Carver State Bank, First Independence Bank, GN Bank, and Metro Bank.