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Carver State Bank

701 Martin Luther King, Jr. Blvd
P.O. Box 2769
Savannah, GA 31402

Contact: Sherrie Williams, Assistant Banking Officer
Phone: 912-233-9971
Fax: 912-232-8666
Carver State Bank

Carver State Bank (Carver), a CDFI certified institution, originally served as a real estate investment and management company, and a private bank for some members in the Black community in Savannah. Since then, it has been incorporated as a state bank and has loaned out nearly $7 million in microenterprise and small business loans, financed 8 facility projects worth over $560,000 and developed 160 housing units costing $3.5 million.


Carver State Bank is a full-service financial institution that offers a broad array of depository and lending services in addition to numerous outreach and community development programs that target residents of distressed communities in the Savannah area.

Demand Deposit Services include Regular Checking, College Accounts, Advantage Checking, Advantage Checking Plus, Senior Club, the Now Account, Second Chance Checking, and Individual Development Accounts. Savings and Investment Services include First Account Savings, Convenience Savings, Money Market Accounts, Individual Retirement Accounts, and Certificates of Deposit. The terms and conditions governing the bank's savings and checking account products meet the Treasury department's definition of a "First Account."

Lending Services include both consumer and commercial loan products. The consumer products are unsecured personal loans, education loans, home improvement, auto loans, and a variety of residential mortgage loan products, such as first time homebuyer, VA, FHA, Conventional, and Credit Rebuilder loans. Carver participates in the City of Savannah's "Dream Maker Homeownership" program, as well as the USDA Down Payment Assistance Program.

Commercial Lending Services include small business loans, commercial real estate development, residential investment property, as well as financing for churches and other nonprofit organizations.

Client Population

Ninety-seven percent of Carver's borrowing and depository customers are African-American, 2 percent are white, and 1 percent are Latino. Eighty percent of these individuals live in the Savannah-Chatham County metropolitan area, and the other 20 percent reside in rural communities.

Twenty-seven percent of their client population lives below the poverty level, residents only earn 64 percent of the median family income, and unemployment in the area is usually double the national average.


Carver State Bank has originated over $24 million in real estate and non-real estate business loans over the past 5 years. Our loans have been primarily made to small businesses in need of growth capital and to entrepreneurs who provide affordable rental housing. Carver continues to impact the community by providing outreach programs such as the FDIC MoneySmart program and first-time homebuyers' seminars. The bank received an "Outstanding" rating in 2004 for its Community Reinvestment Act performance. As of June 30, 2006, Carver's total assets were $33,912,000 and total loans $22,349,000.


Carver State Bank
Xeular Philpot stays busy. The single mother of four juggles two jobs starting each weekday at 9 a.m.
In between, she takes courses in financial literacy offered by Carver State Bank. Her dream is to have her own home by Christmas. But bad credit posed a roadblock to getting the necessary loan a hurdle that Deborah M. Vacciana, Carver State vice president, is working to help Philpot clear. Full Story

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