Carver Bancorp

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Carver Bancorp, Inc.
Type Public
Traded as NASDAQCARV
Industry Financial
Founded 1949
Headquarters 75 West 125th Street New York City, New York, United States
Key people Deborah C. Wright
(Chairman and CEO)
Michael T. Pugh
(President and COO)
Products Savings, Loans
Total assets US$650 million (June 2014)
Employees 140 (June 2014)
Website www.carverbank.com

Carver Bancorp, Inc. is the holding company of Carver Federal Savings Bank ("Carver"), a federally chartered stock savings bank, founded in 1948 to serve African-American communities whose residents, businesses, and institutions had limited access to mainstream financial services. Carver, the largest African-American and Caribbean-American run bank in the United States, operates seventeen 24/7 ATM Centers and ten full-service branches and in the New York City boroughs of Manhattan, Brooklyn and Queens. Carver currently has over 45,000 retail and commercial accounts. It is a public company, and notable for being the only black-managed bank on NASDAQ. Carver engages in a range of consumer and commercial banking services. It provides deposit products, including demand, savings and time deposits for consumers, businesses, and governmental and quasi-governmental agencies in its local market area within New York City. In addition to deposit products, it offers other consumer and commercial banking products and services, including debit cards, online banking, online bill pay, and telephone banking. The Bank offers loan products covering a variety of asset classes, including commercial, multi-family and residential mortgages, construction loans and business loans.


History[edit]

Formed on January 5, 1949, and named for agricultural researcher and scientist, George Washington Carver[citation needed], Carver Federal Savings and Loan Association formally began operations at 53 West 125th Street with one employee. George Washington Carver's astounding work within the African-American community is what Carver aspires to. Carver is proud to have followed in the footsteps of its namesake, a dedicated man who used his vocation to improve the economic status of his community and race.[citation needed]

On November 5, 1948 Carver Bank received it's charter and on January 5, 1949, opened its first branch office in Harlem, New York at 53 West 125th St. In February 1961 Carver opened a branch in the Bedford-Stuyvesant neighborhood in Brooklyn , New York. In September 1961 Carver received the certificate of Merit from the City of New York. In June 1975 it opened a branch in the Crown Heights section of Brooklyn, New York. In July 1982 Carver merged with Allied Federal bank. Up until the 1990s, it added 7 offices, expanding its operations to Queens and Roosevelt, Long Island. In 1986, Carver became a federal savings bank and changed its name to Carver Federal Savings Bank.

Carver Federal Savings Bank Headquarters[edit]

Carver is headquartered in Harlem, New York at 75 West 125th Street.

Carver Rebuilds Headquarters[edit]

In October 1992, the banks headquarters at 75 West 125th Street was destroyed by a fire which caused the bank to temporarily move one block away. In March 1996, Carver returned home to a newly constructed headquarters. The current building is a four-story, state-of-the-art symbol of the economic renaissance of the Harlem community.

Carver Bank & The Community[edit]

From it's inception the goal of Carver is to foster community growth by providing local residents a place to save and to obtain mortgages to buy homes in their own communities. One Hundred percent of Carver's multi-family loans are within low-to-moderate income neighborhoods. Eighty percent of Carver's deposits are invested in the neighborhoods that it serves. Over the last two years Carver has provided sixteen million dollars in community development loans and two hundred million dollars overall. Carver provides free financial empowerment workshops and tax preparation services. Carver's strong devotion to community is represented in the company's slogan and logo, "Building Wealth Block by Block." The logo of Carver Federal Savings Bank is represented by two conjoined "C"'s which is meant to express the nexus of Carver and the communities in which they serve. Carver has been designated by the U.S. Treasury Department as a Community Development Financial Institution (CDFI) because of Carver's community-focused banking services and dedication to the economic viability and revitalization of undeserved neighborhoods. A measure of it's progress in achieving this goal includes the Bank's most recent "Outstanding" Community Reinvestment Act rating.

Carver Goes Public[edit]

In October 24, 1994, following an Initial Public Offering, IPO, the bank went public making Carver the only black bank on NASDAQ. On the Nasdaq Stock Market the Bank was listed under the symbol of "CARV". In 1995, Richard Greene, an octogenarian who led Carver for 25 years, was replaced as director, president and CEO by 52-year-old Thomas Clark, Jr. In 1996 carver completed its reorganization into a holding company and became the wholly owned subsidiary of Carver Bancorp,Inc. a Delaware corporation. Each share of the Bank's common stock was exchanged for one share of the Bancorp common stock. On May 21, 1997, Carver listed its stock on the American Stock Exchange under the symbol "CNY". On July 2, 2007 NASDAQ approved the company's application to transfer it's common stock listing from the American Stock Exchange back to the Nasdaq Stock Market under the ticker symbol "CARV". Carver Bank was able to commence trading on the NASDAQ Stock Market on July 10, 2007

Transition of Leadership[edit]

In April 1999, Carver's Board of Directors appointed Deborah C. Wright as it's first female president and Chief Executive Officer. She is the current Chairman and CEO.

Business and Branch Network[edit]

The bank takes deposits, which it principally lends in the form of mortgage loans for purchase or refinance of residential, and commercial properties, and for construction or renovation of commercial property and residential housing developments. Carver has administrative offices in Harlem, New York and Downtown Brooklyn, New York City

As of June, 2014, the bank operates ten branch offices and seventeen stand-alone ATM centers in and around the predominantly "black" areas of New York. The company is headquartered in New York City, New York.[citation needed]

Carver operates a Financial Literacy Center which is located in Harlem, New York

References[edit]

A Shaky Pillar in Harlem: Black-Owned Carver Bank Is Resistant to Profitability and Change. From the New York Times, Sunday, July 11, 1999. Page C-1. Story by Leslie Eaton. Synopsis by Creative Investment Research.

Carver Bancorp Inc. New York Times


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