Funds help to secure small-business and housing loans in minority and underserved neighborhoods
HOUSTON, (May 29, 2008) -- Stewart Title Guaranty Company is making a $100,000 deposit with Carver State Bank of Savannah, a minority-African American owned community bank in Savannah, Georgia. Carver State Bank has been a prominent enterprise in the local Savannah community for over 80 years. As a global real estate settlement services provider driven by sound investments, Stewart officials know that the real benefit will not be realized in just dollars and cents. This deposit will assist in the growth of small business opportunities in the vibrant Savannah market and promote higher levels of minority homeownership.
"The actual impact of our deposit is tremendous," notes Rev. Larry S. Bullock, National Manager - Strategic Relationships Development Multicultural Markets for Stewart Title. "It is the merging of two legacies, two pioneers—a small black-owned bank that started with pennies and nickels and has grown into a dynamic accelerator of local economic expansion and a small Galveston, Texas title company formed in 1893, which has grown into a global leader and expert in real estate information services." Bullock, a former recipient of the James F. Haynes, SR Democracy in Housing Award from the National Association of Real Estate Brokers, will make the deposit on Stewart Title’s behalf.
Rev. Bullock has a long history of working tirelessly to help minorities become successful entrepreneurs and proud homeowners while also growing personal wealth.
In addition to the deposit, Stewart will further enable Carver State Bank to serve its local customer base and an ever-expanding community by providing value-added real estate information services including electronic transaction management through its industry-leading SureClose® software platform as well as preparing flood searches, credit reports and property information profiles.
The Carver State Bank deposit not only underscores Stewart’s expanding commitment to promoting minority homeownership but also advances its relationship with the National Bankers Association (NBA), the defacto trade association for over 103 minority and women-owned banks (MWOBs) in the U.S. whose members include banks owned by African-Americans, Native-Americans, American-Indians, East-Indians, Hispanic-Americans, Asian-Americans and Women.
"This is the start of a symbiotic relationship between our growing community and Stewart Title," said Carver State Bank President Robert E. James, Sr. "More than a deposit, this is an investment in a relationship with several community banks. The leverage power of this deposit will touch growing businesses and homeowners across the African-American and other minority communities."
"Given the current downturn in the U.S. real estate market, we believe it is critical to continue committing our resources where they are needed most. For millions of families, owning a small business or a home is an unreachable dream," said Matt Morris, senior vice president of Stewart Title. "Community banks like Carver State Bank work hard to help minorities overcome barriers and realize the American dream."
About Carver State Bank
Founded in 1927, Carver State Bank is one of the nation’s oldest African-American owned commercial banks. It has remained the life-blood of the Black community of Savannah throughout its 81 years, providing an accessible source of credit and capital. Today, the bank’s assets total approximately $26 million with more than $1.9 million in capital accounts. Carver is a member of the National Bankers Association, Bank Administration Institute, Georgia Bankers Association, and Community Bankers Association. In addition, to its main office at 701 Martin Luther King Jr. Blvd, Carver has opened a second location at 7110 Skidaway Road in Savannah.
Stewart Title Co. and Stewart Realty Solutions are wholly owned subsidiaries of Stewart Information Services Corp. (NYSE-STC), a technology driven, strategically competitive, real estate information and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries through thousands of policy-issuing offices and agencies in the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at www.stewart.com.