ROCKVILLE, Md., March 03, 2022 (GLOBE NEWSWIRE) -- Capital Bank, N.A. has a long tradition of supporting the community in Montgomery County, Maryland. Its partnership with Montgomery County Green Bank is no exception. Today, Capital Bank announced a new relationship with Montgomery County Green Bank, a publicly-chartered nonprofit dedicated to driving clean energy for business owners in the region by leveraging funding with lender partners. This collaboration between Montgomery County Green Bank and Capital Bank will help County businesses obtain better credit access for clean energy projects.
Capital Bank is the fourth largest bank headquartered in Maryland, offering business and consumer banking services through branches in the greater Washington D.C. metropolitan area. The partnership with Montgomery County Green Bank was a natural fit as the C-PACE program—short for Commercial Property Assessed Clean Energy—provides Montgomery County commercial property owners with to capital for clean energy projects including solar energy, heating & cooling systems, lighting upgrades, and water-saving upgrades to name a few.
“We couldn’t be more pleased to be partnering with Montgomery County Green Bank,” says Scot Browning, President of Capital Bank. “C-PACE is a great way for us to expand our clean energy initiative program as it helps us deliver these solutions to our local community.” Capital Bank is no stranger to community engagement. By the time the first round of federal Paycheck Protection Program (PPP) funding ran out of money, Capital Bank helped 598 small-business PPP applicants secure Small Business Administration (SBA) authorization for federal aid totaling over $172 million.
“We know property owners are looking for green solutions,” says Browning. “We’re excited to bring these loans to the community.” With Montgomery County Green Bank as the program administrator, Capital Bank will offer C-PACE loans to commercial property owners and encourage commercial property service providers such as roofers, HVAC and solar panel installers to leverage the C-PACE program to benefit their client’s projects. C-PACE loans offer up to a 20 year term, which helps lower the cash flow impact of the project. In addition, green improvements mean energy cost savings and improved real estate value.
“We’re excited to have Capital Bank join as a capital provider for the County’s C-PACE program,” says Tom Deyo, CEO of the Montgomery County Green Bank. “Their passion for the community is clear and is reflected in this commitment. Capital Bank’s unique approach to underwriting, and making loans under C-PACE, make them an important partner in greening Montgomery County.”
Capital Bank looks forward to a long and rewarding relationship with Montgomery County Green Bank and to expanding its relationships with other non-profit organizations focused on their communities. Says Browning, “Our corporate culture and goals align, and together, everyone wins.”
About Capital Bancorp, Inc.
Capital Bank, N.A., is a wholly owned subsidiary of Capital Bancorp, Inc., a registered bank holding company incorporated under the laws of Maryland and the fourth largest bank headquartered in Maryland at December 31, 2021. Capital Bancorp has been providing financial services since 1999 and now operates bank branches in five locations in the greater Washington, D.C., Northern Virginia and Baltimore, Maryland markets. Capital Bancorp had assets of approximately $2.1 billion at December 31, 2021 and its common stock is traded in the NASDAQ Global Market under the symbol “CBNK.” More information can be found at the Company's website www.CapitalBankMD.com under its investor relations page.
FINANCIAL CONTACT: Alan Jackson (240) 283-0402
MEDIA CONTACT: Ed Barry (240) 283-1912
Source: Capital Bancorp, Inc.