Carver State Bank

What Carver State Bank does

Carver State Bank is a privately held, U.S. Treasury-certified Community Development Financial Institution (CDFI) and Minority Depository Institution (MDI) headquartered in Savannah, Georgia. Founded in 1927 as Georgia Savings and Realty and renamed in 1962, it operates two branches in the Savannah area (Main Office on Martin Luther King Jr. Blvd and the Skidaway Branch) and is one of approximately 20 African-American-owned commercial banks remaining in the United States. The bank serves a concentrated base of low-to-moderate income individuals, minority-owned small businesses, nonprofit organizations, and community development projects in Southeast Georgia, with limited online application availability extending to parts of South Carolina (Jasper and Beaufort counties).

The bank's product platform covers the full retail and small-business banking stack: personal and business checking (seven tiers including Regular, Premier, Advantage, Advantage Plus, Senior Club, NOW, and a Second Chance account), savings and money market accounts, certificates of deposit (7 days to 8 years), IRAs, mortgages, home equity lines of credit, personal and credit-builder loans, SBA loans up to $4 million, church loans, commercial real estate loans, and Opportunity Loans for community development. Differentiated offerings include New Markets Tax Credits administered through the wholly-owned subsidiary Carver Development CDE (cumulative $80 million allocated across 2018 and 2020), a Community Builder nonprofit checking account with no transaction fees, and the J.P. Morgan Empower Share Class money-market program for institutional investors. Underlying technology is largely third-party: Fiserv powers the iOS/Android mobile app, Zelle handles P2P payments, and ATM access is provided via MoneyPass, Regions Bank, and Wells Fargo networks.

Revenue is generated primarily through net interest income on the loan portfolio (residential mortgages, HELOCs, personal, SBA, commercial real estate, church, and opportunity loans), deposit service fees across the checking/savings/CD/IRA lineup, fee-based services (wires, safe deposit boxes, merchant services, ATM surcharges), and ancillary revenue from NMTC program administration, the Empower Share Class program, and grant-related funding. Distribution is community-led — physical branches, a community development affiliate (Carver Development CDE), partnerships with NBA/Atlanta Hawks, J.P. Morgan, Wells Fargo, Bank of America, Citi, and Netflix, and a free Enrich financial-literacy platform delivered via the National Bankers Association Foundation. The bank holds an Outstanding CRA rating and is the only Savannah-headquartered bank with that designation.

Name

Carver State Bank

Legal name

Carver State Bank

Website

https://carverstatebank.com

Company type

Private

Founded year

1927

Operating status

Operating

Headcount range

1–10 employees

Short description

Carver State Bank is a privately held, U.S. Treasury-certified CDFI community bank headquartered in Savannah, Georgia, founded in 1927, serving low-to-moderate income individuals and minority-owned small businesses with deposits, lending, New Markets Tax Credits, and SBA products across two branches.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)

akta.pro secondary industries

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), Housing & Urban Development Banks (Public) (FSABAKAG)

Keywords

• Community development banking
• Retail banking services
• Small business lending
• Mortgage loan products
• Community development finance

Headquarters

HQ city

Savannah

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Interest Income: Primary revenue stream from interest earned on loans including residential mortgages, home equity lines of credit, personal loans, business loans, SBA loans, commercial real estate loans, church loans, land loans, and commercial lines of credit.
2. Deposit Services: Fee income from checking accounts, savings accounts, money market accounts, certificates of deposit, and individual retirement accounts with various fee structures and minimum balance requirements.
3. Community Development Finance: Revenue from New Markets Tax Credits program allocations, opportunity loans (housing, facilities, business, development), and SBA loan guarantees.
4. Fee-Based Services: Income from ATM fees (when using out-of-network ATMs), wire transfers, safe deposit boxes, merchant services, and other banking service charges.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core offering

Carver State Bank is a Savannah, Georgia-based community bank that provides personal and business deposit accounts (checking, savings, CDs, IRAs), a full range of consumer and commercial loans (mortgages, home equity, personal, SBA, commercial real estate, church, land, and opportunity loans), digital banking via online and Fiserv-powered mobile channels with Zelle, and community development finance products including New Markets Tax Credits. Its services target low-to-moderate income individuals, minority-owned small businesses, nonprofits, churches, and community development projects across Savannah and Southeast Georgia.

Product overview

Carver State Bank is a single-location community bank headquartered in Savannah, Georgia, offering a comprehensive suite of banking products. The core banking platform includes personal and business checking/savings accounts, certificates of deposit, individual retirement accounts, and a full range of lending products (personal loans, mortgages, home equity, SBA loans, commercial real estate, and church loans). Digital banking is delivered through online and mobile platforms powered by Fiserv, with integrated payment services including Zelle and access to national ATM networks (MoneyPass, Wells Fargo, Regions). The bank differentiates through its CDFI status and community development mission, offering New Markets Tax Credits, Opportunity Loans, and the J.P. Morgan Empower Share Class investment program for institutional investors. Financial literacy support is provided through the Enrich platform partnership.

Differentiator

Problem solved

Functional benefit

Brands

• Carver Financial Corporation: Parent holding company for Carver State Bank and its community development affiliates.
• Carver Development CDE
• Carver Commons

Products and services

• Personal Checking Accounts Multiple checking account options for individuals, including Regular Checking, Premier Checking, Advantage Checking, Advantage Plus Checking, Senior Club (55+), NOW Account, and Second Chance Checking for customers with past banking challenges. Tiered monthly fees and minimum balance requirements vary by account.
• Savings Accounts Savings products including First Savings (basic), Convenience Savings, and Money Market accounts with varying minimum opening deposits, minimum daily balance requirements, monthly maintenance fees, and check-writing availability.
• Certificate of Deposit (CD) Term CDs ranging from 7 days to 8 years, FDIC insured up to $250,000, with automatic renewal, ten-day grace periods, and interest payment options. Minimum opening deposits vary by term ($2,500 for 7–89 day terms; $500 for longer terms).
• Individual Retirement Account (IRA) Traditional and Roth IRA options with $500 minimum contribution, fixed and variable rate options, and no fees for distributions or contributions.
• Online Banking Digital banking platform enabling customers to check balances, view transaction history, and transfer funds via secure internet access; free enrollment available.
• Mobile Banking App Full-service mobile banking application available on iOS and Android, powered by Fiserv; enables account management, mobile deposits, transfers, bill pay, and Zelle payments.
• Personal Loans Consumer loan products including Residential Mortgages, Home Equity Lines of Credit (Prime + 0% with 18% cap), Personal Lines of Credit, and Credit Builder Loans for credit-building consumers.
• Mortgage Loans Home purchase and refinance mortgages with 15-, 20-, and 30-year fixed-rate options under normal underwriting guidelines; supported by a Home Buyability Test tool and homeownership counseling for first-time buyers.
• Credit Cards

Quantifiable outcome

• Nearly 400 new quality jobs created across Georgia through NMTC deployment
• +2 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature2 records

Partnerships

Seven partnerships are on record, tiered major, flagship and core.

• CitimajorStrategic or Co-development Partner · 7 August 2021Six Black Banks joined Citi's new digital platform to increase lending to African American entrepreneurs. Partnership aimed at expanding access to capital for minority-owned businesses.
• Atlanta HawksflagshipStrategic or Co-development Partner · 14 December 2020Historic agreement between Atlanta Hawks and consortium of Black-owned banks with Carver as the lead bank. This was the first-ever transaction between a major American sports franchise and a consortium of Black-owned banks. Represents significant partnership for community development and minority banking visibility.
• MoneyPasscoreTechnology or IntegrationATM network partnership providing Carver customers fee-free access to thousands of MoneyPass ATMs throughout the country with no additional service charges.
• Regions BankcoreTechnology or IntegrationATM network partnership allowing Carver customers to use Regions Bank ATMs with no additional fees, expanding national ATM access.
• Wells Fargo (ATM Network)coreTechnology or IntegrationATM network partnership allowing Carver customers to use Wells Fargo ATMs nationwide with no additional service charges.
• National Bankers Association FoundationmajorStrategic or Co-development PartnerPartnership to provide free financial literacy platform (Enrich) to Carver customers covering money personality, budgeting, retirement, taxes, emergency funds, mortgages, and education savings.
• Our Money MattersmajorStrategic or Co-development PartnerCo-provider of financial literacy platform (Enrich) to help customers make sense of their finances with tools for budgeting, retirement planning, and financial goal setting.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• OneUnited Bank: Largest Black-owned bank in the U.S. with a similar MDI/CDFI mission serving urban minority and LMI communities. Comparable product set (checking, savings, mortgages, SBA loans), CDFI certification, and reliance on institutional deposits from partners like Netflix, J.P. Morgan, and BofA.
• Citizens Trust Bank: Atlanta-headquartered African-American owned community bank and CDFI serving similar LMI and minority business segments in Georgia. Member of the Atlanta Hawks Black-owned bank consortium alongside Carver, with overlapping NMTC and SBA lending activities.
• Liberty Bank and Trust Company: One of the largest African-American owned banks in the U.S., headquartered in New Orleans with multi-state Southeast footprint. Operates as an MDI/CDFI with similar community development and minority business lending focus, providing direct regional overlap with Carver.
• Broadway Federal Bank: African-American owned community bank and CDFI headquartered in Los Angeles, focusing on multifamily lending in low-income communities. Comparable MDI mission, CDFI certification, and minority-focused institutional backing (Goldman Sachs, J.P. Morgan deposits).
• Industrial Bank: One of the oldest continuously operating African-American owned banks in the U.S., headquartered in Washington, D.C. Comparable MDI/CDFI franchise, community development focus, and member of the same Atlanta Hawks consortium as Carver.
• First Independence Bank: African-American owned community bank headquartered in Detroit, Michigan. Similar MDI/CDFI mission serving urban LMI and minority-owned small business customers, with comparable product suite and institutional MDI partnerships.
• Mechanics & Farmers Bank: African-American owned community bank and CDFI headquartered in Durham, NC. Comparable MDI franchise, CDFI certification, and minority business lending focus in the Southeast, with similar institutional deposit relationships.

Emerging players

• Hope Credit Union (Hope Enterprise Corporation): Deep South-focused CDFI credit union and community development financial institution serving similar LMI and minority communities across Mississippi, Alabama, Louisiana, and Tennessee. Comparable CDFI mission, NMTC deployment, and community development lending.
• Self-Help Federal Credit Union: CDFI-certified community development credit union serving underserved communities across multiple Southeast and Western states. Comparable CDFI focus, responsible-lending mission, and NMTC deployment activity targeting LMI populations.

Regional players

• Queensborough National Bank & Trust: Community bank headquartered in Louisville, Georgia with branches throughout Southeast Georgia including Savannah-area markets. Overlapping geography and small business banking focus, though not minority-owned or CDFI-certified like Carver.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/bankcarver
• YouTubeyoutube.com/channel/UCXVNxRqdkafbSFaDV4TIavA
• Facebookfacebook.com/CarverStateBank
• LinkedInlinkedin.com/company/the-carver-state-bank

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Carver State Bank