The Executive Board of the Community Development Bankers Association (CDBA) met in Savannah on November 7 – 9, 2018. The meeting was hosted by Attorney Robert E. James, II, a member of the CDBA Board and also a Director of Carver State Bank.
The CDBA is the national trade association of the community development bank sector of the financial services industry. It represents banks and thrifts that have a primary mission of encouraging and stimulating community development. The Association promotes its member institutions and their interests by educating policymakers, legislators and the general public on the importance of Community Development Banks. CDBA also seeks to enhance the capacity of community development banks to provide capital and financial services in distressed and underserved communities. Community Development Banks are FDIC-insured institutions. However, these institutions are different from traditional banks because they target low and moderate income markets and work in urban and rural communities that lack access to credit and are not adequately served by the traditional banking industry.
Community Development Banks are certified by the U. S. Treasury Department as Community Development Financial Institutions (CDFIs). This certification indicates that they devote at least 60% of their total lending, services and other activities to benefit low income communities. Community Development Banks seek to build wealth in communities by investing in areas that are underserved by traditional banks. Carver is one of only two banks in Georgia that is a certified Community Development Financial Institution.. Established in 1927, Carver is the oldest bank in Savannah and the only bank headquartered in the Savannah area that has an “Outstanding” Community Reinvestment Act Rating from the Federal Deposit Insurance Corporation (FDIC).
In 2010, Carver became the only community bank in Georgia to ever participate in a New Markets Tax Credit transaction, and this year, Carver was awarded a $30 million allocation of New Markets Tax Credits that it will use, in conjunction with Access to Capital for Entrepreneurs to facilitate economic development in Georgia.
While in Savannah, the CDBA Directors enjoyed a taste of Savannah hospitality that included dinner at The Grey Restaurant, a tour of historic sights led by historian Vaughnette Goode-Walker, visits to two distinctive customers served by Carver, and a closing dinner at The Chatham Club. The business meetings were held at Carver’s Skidaway Road Branch.