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NEW YORK, June 17, 2021 /PRNewswire/ -- Carver Bancorp, Inc. (Nasdaq: CARV), the holding company for Carver Federal Savings Bank ("Carver"), a certified Minority Depository Institution ("MDI"), and Bank of America Corporation (NYSE: BAC) announced today that they have closed a Senior Secured Social Impact Revolving Credit Facility with BlackRock's Alternative Solutions Group. BlackRock Alternative Solutions manages private market portfolios and invests across alternative asset classes, sectors and geographies on behalf of its clients.
The transaction represents the first time that Carver has participated in a subscription line facility and is among the first-of-its-kind transactions where an MDI has joined as a co-lender.
It is also the first subscription line transaction with an MDI lender for both BlackRock and Bank of America. The facility pairs Carver and Bank of America's lending and advisory capabilities with BlackRock's investment expertise, including in the areas of social impact and sustainable investing.
Michael T. Pugh, President, and CEO of Carver Bancorp, Inc. said, "A group of community leaders, business owners, and clergymen from Harlem and Brooklyn came together in 1948 to establish Carver because African Americans did not have a place to bank at that time. Today our institution stands proudly beside two of the largest financial service institutions in the world to help drive meaningful and long-lasting economic change in underserved communities across the U.S., which have been disproportionately affected by the COVID-19 pandemic. On behalf of the Carver Board of Directors, the communities we serve, and the ideals that make our nation great, I thank BlackRock and Bank of America for their partnership and commitment to economic empowerment in communities of color."
"This credit facility is a great example of Bank of America's commitment to driving innovation and inclusion in ESG and impact financing. We are grateful for the partnership from Carver and BlackRock that has helped us create a Social Loan structure with a dual-impact angle: inclusion and engagement of MDIs in the subscription facility syndication process and enhanced access to financing and essential services for minority communities," said Andrew Karp, Global Head of Investment Grade Capital Markets at Bank of America.
"We couldn't be more excited to work with Carver and Bank of America," said Pam Chan, Chief Investment Officer and Global Head of the Alternative Solutions Group at BlackRock. "We are delighted to expand our work with like-minded institutions that seek to build more inclusive financial markets and help more people experience financial well-being – all while delivering on behalf of our clients. This credit facility reflects our commitment to help MDIs grow their businesses, and in so doing, enabling further wealth creation in diverse communities across the U.S."
About Carver Bancorp, Inc.
Carver Bancorp, Inc. (NASDAQ: CARV) is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Headquartered in Harlem, NY, Carver was founded in 1948 to serve African American communities whose residents, businesses, and institutions had limited access to mainstream financial services. The U.S. Treasury Department has designated Carver as a Community Development Financial Institution ("CDFI") because of its community-focused banking services and dedication to its local community's economic viability and revitalization. Carver is one of the largest African- and Caribbean-American managed banks in the United States. The Bank recently expanded its online presence to include consumer checking and savings accounts across nine states, from Massachusetts to Virginia, and Washington, D.C. For further information, please visit the Company's website at www.carverbank.com. Be sure to connect with Carver on Facebook, LinkedIn, and Twitter.
BlackRock's purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @blackrock | LinkedIn: www.linkedin.com/company/blackrock
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SOURCE Carver Bancorp, Inc.