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.
About BlackRock
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
Media
Carver
Michael Herley
+1.203.308.1409
mediainquiries@carverbank.com
BlackRock
Christopher Beattie
+1.646.231.8518
christopher.beattie@blackrock.com
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SOURCE Carver Bancorp, Inc.