HAWKS ANNOUNCE AGREEMENT WITH BLACK-OWNED BANKS

Announced on Thursday, the Atlanta Hawks has agreed to refinance the construction loan for the Emory Sports Medicine Complex with a syndicate of Black-owned banks. The $35 million loan marks the first time a professional sports franchise has had a significant loan underwritten exclusively by Black banks.

The groundbreaking transaction was facilitated with the support of the newly-formed National Black Bank Foundation, which organized a syndication team to structure the deal. Georgia-based Carver State Bank served as the syndicate’s Lead Arranger. By partnering with the Black bank syndicate, the Hawks are both demonstrating that Black banks can compete with money center banks for commercial loans as well as using the Club’s strong credit rating to bolster the capital cushion for Black banks so that they can better serve their traditional customer base.

“Today’s announcement reflects our commitment to putting our values into action–by choosing to work with Black banks and drawing attention to the need for Black banks to thrive as they work toward addressing the lack of access to capital in Black communities,” said Tony Ressler, Principal Owner of the Atlanta Hawks.  “We always strive to ask ourselves how the Hawks can best help those in the community that are already helping others, and today’s announcement is another step in our commitment to use the Hawks as a positive agent of change.  This is both good for the community and good business to empower new and existing Black businesses.”

“The Atlanta Hawks are putting their money where their mouth is when it comes to being an ally of Black businesses, and Carver State Bank is proud to be the lead institution on this historic transaction. By selecting an all-Black bank syndicate to provide this financing, the Hawks are strengthening all of our banks,” said Robert E. James, II, President, Carver Development & Chairman-Elect, National Bankers Association. “What we earn from this loan strengthens our collective ability to provide even more loans and financial services to Black small businesses and consumers, and we are able to show our ability to pull off a large, sophisticated loan transaction. Tony and his team are real allies in the movement for racial equity.”

“Because Black-owned banks are so starved for capital, they’ve previously not been able to compete with major commercial banks or scale to meet the unique needs of borrowers of color, who are rejected for credit at twice the national rate,” Ashley Bell, NBBF general counsel, said. “Because of the Hawks’ leadership and commitment to financial inclusion, Black banks are finally playing in the major league.”