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.
Six Black banks — including four of the nation's largest — have joined a new digital platform by Citi. The action could help the banks increase lending to African American entrepreneurs. According to a news release, the banks are part of a consortium linking with Bridge built by Citi, a bank-led, digital meeting place that connects businesses seeking loans up to $10 million. The "first-of-its-kind platform is aimed to expand access to capital and financial services to Black small business owners. The platform launched by Citi matches local and regional banks with local small businesses needing funding for improvements and expansion amid the post-COVID-19 pandemic. The initiative will initially consist of 18 banks that Citi will send business leads to. Banks on the program include Mechanics & Farmers Bank in Durham, North Carolina; Optus Bank in Columbia, South Carolina; and Carver State Bank in Savannah, Georgia
Robert James II, Director of Strategic Initiatives at Carver State Bank, testified to the House Committee on Small Business on May 18. The hearing was convened to introduce Members of Congress to CDFIs and MDIs and to discuss the impact these institutions make in their communities, especially with respect to supporting local entrepreneurs. Mr. James' testimony begins around the 30:40 mark.
Wells Fargo has made a new round of investments in Black-owned banks. The San Francisco company said it has invested in the $52 million-asset Carver State in Savannah, Ga.; the $572 million-asset Citizens Trust in Atlanta; the $287 million-asset First Independence in Detroit; the $765 million-asset Liberty in New Orleans; and the $183 million-asset Unity in Houston.