Carver Bancorp, Inc. Announces $25 Million Revolving Loan Facility with NY Green Bank to Support Building Decarbonization Projects in New York City

NEW YORK, May 28, 2024 /PRNewswire/ -- Carver Bancorp, Inc. (Nasdaq: CARV) ("Carver"), the holding company for Carver Federal Savings Bank (the "Bank"), a certified Community Development Financial Institution and a designated Minority Depository Institution, is proud to announce the closing of a $25 million revolving senior unsecured term loan under the Community Decarbonization Fund with NY Green Bank.

"Carver's collaboration with NY Green Bank enables us to leverage critical funds needed to advance clean energy and build electrification projects in communities that have historically faced financial barriers," said Craig C. MacKay, Interim President and CEO of Carver.

The loan facility will support the Bank in financing initiatives that reduce greenhouse gas emissions and promote energy efficiency in building projects, fleet upgrades to electric vehicles, and electric vehicle charging station infrastructure. Funding will also support the working capital and asset-specific financing needs of MWBE contractors working on green energy projects, weatherization, electrification, and green technology.

"NY Green Bank is proud to support Carver, whose commitment to serving diverse middle-income neighborhoods is well aligned with the energy benefit goals of the Community Decarbonization Fund," remarked David Davenport, Managing Director at NY Green Bank. "By providing mission-driven lenders like Carver with low-cost capital that supports sustainable infrastructure, we aim to advance New York State's greenhouse gas reduction goals."

Mr. MacKay added, "It is vital that we invest in initiatives that aim to mitigate the impact of climate change and contribute to a more sustainable future for the next generation of New Yorkers. Our partnership with NY Green Bank is a notable step toward achieving these goals. This $25 million in available funding in partnership with NY Green Bank underscores our commitments to environmental stewardship by strengthening our ability to foster long-term economic growth, cleaner air, and resiliency in the diverse, lower- and middle-income communities we have proudly served since 1948."

For more details on the program, please get in touch with Reuben Miller, VP and Commercial Lender, at [email protected].  

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 and Caribbean-American communities in New York 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, DC. For further information, please visit the Company's website at www.carverbank.com. Be sure to connect with Carver on Facebook, LinkedIn, and Instagram.

Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, risks, and uncertainties. More information about these factors, risks, and uncertainties is contained in our filings with the Securities and Exchange Commission.

Media:
Michael Herley for Carver
203.308.1409
[email protected]

Investors:
[email protected]

SOURCE Carver Bancorp, Inc.