ROCKVILLE, Md., March 03, 2022 (GLOBE NEWSWIRE) — Capital Bank, NA has a long tradition of supporting the community of 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 generating clean energy for area business owners by mobilizing financing from partners lenders. This collaboration between Montgomery County Green Bank and Capital Bank will help county businesses gain better access to credit for clean energy projects.
Capital Bank is the fourth largest bank based in Maryland, offering business and consumer banking services through branches in the greater Washington DC metropolitan area. Partnering with Montgomery County Green Bank was a natural fit because the C-PACE program – short for Commercial Property Assessed Clean Energy – provides commercial property owners in Montgomery County with capital for clean energy projects, including energy solar, heating and cooling systems, lighting upgrades. , and water saving upgrades to name a few.
“We couldn’t be happier to partner with Montgomery County Green Bank,” said 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 provide these solutions to our local community. Capital Bank is no stranger to community involvement. When the first funding round of the Federal Paycheck Protection Program (PPP) ran out of money, Capital Bank helped 598 small business PPP applicants obtain clearance from the Small Business Administration (SBA) for federal assistance totaling more than $172 million.
“We know homeowners are looking for green solutions,” says Browning. “We are excited to bring these loans to the community.” With Montgomery County Green Bank as program administrator, Capital Bank will offer C-PACE loans to commercial property owners and encourage commercial real estate service providers such as roofers, HVAC and solar panel installers to take advantage of the C-PACE program for the benefit of their clients’ projects. C-PACE loans offer terms of up to 20 years, helping to reduce the impact on project cash flow. Plus, green upgrades mean energy savings and improved real estate value.
“We are delighted to have Capital Bank join us as the capital provider for the county’s C-PACE program,” said Tom Deyo, CEO of Montgomery County Green Bank. “Their passion for the community is clear and is reflected in this commitment. Capital Bank’s unique approach to C-PACE underwriting and lending makes it an important partner in greening Montgomery County.
Capital Bank looks forward to a long and rewarding relationship with Montgomery County Green Bank and expanding relationships with other nonprofit organizations focused on their communities. According to Browning, “Our corporate culture and our goals align, and together, everyone wins.
About Capital Bancorp, Inc.
Capital Bank, NA, 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 as of December 31, 2021. Capital Bancorp has been providing financial services since 1999 and now operates bank branches in five locations in the major markets of Washington, DC, Northern Virginia and Baltimore, Maryland. Capital Bancorp had assets of approximately $2.1 billion as of December 31, 2021 and its common stock trades on the NASDAQ Global Market under the symbol “CBNK”. Further information is available on the Company’s website www.CapitalBankMD.com under its Investor Relations page.
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