Carver Bancorp

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Carver Bancorp, Inc.
Type Public
Industry Financial
Founded 1949
Headquarters 75 West 125th Street Harlem, 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)

Carver Bancorp, Inc. is the [holding company] for Carver Federal Savings Bank, a federally chartered stock savings bank. Carver was founded in 1948 to serve African-American communities whose residents, businesses, and institutions had limited access to mainstream financial services. Carver has been designated by the U.S. Treasury Department as a Community Development Financial Institution (CDFI) because of its community-focused banking services and dedication to the economic viability and revitalization of underserved neighborhoods. Carver is the largest African- and Caribbean-American run bank in the United States, with ten full-service branches, six satellite ATM Centers in the New York City boroughs of Brooklyn, Manhattan, and Queens. And access to 55,000 AllPoint ATMs nationwide.

Carver engages in a range of consumer and commercial banking services. It provides deposit products, including demand, savings and time deposits for consumers, businesses, governmental and quasi-governmental agencies. In addition, Carver originates loans for the purchase or refinance , multi-family residential, mixed-use and commercial properties; originates or participates in construction and renovation loans for commercial property and multi family or mixed-used developments; and provides loans to small business, non-profit and faith based organizations. And for consumers who may not want a traditional bank account, Carver offers Carver Community Cash. This expansion includes cashing checks, paying bills, send or receive Western Union money transfers, purchase discounted money orders and prepaid VISA debit card. These services are offered with no bank account required, no Credit checks, and you will be able to access your funds immediately.


Carver was named after agricultural researcher and scientist, George Washington Carver, and began its operations at 53 West 125th Street in 1948. Founders of the bank revered Mr. Carver, who used his immense talent to improve the economic status of his community, race, and all of mankind.[citation needed] On November 5, 1948, Carver received a federal bank charter under the name of Carver Federal Savings and Loan Association. On January 5, 1949, it opened its first branch office in Harlem, New York at 53 West 125th Street. In February 1961, Carver opened a second branch in the Bedford-Stuyvesant neighborhood of Brooklyn , New York. In June 1975, a third branch was opened in the Crown Heights section of Brooklyn, New York. In July 1982, Carver merged with Allied Federal Bank. Carver became a federal savings bank and changed its name to Carver Federal Savings Bank in 1986. Today, the Bank manages ten full-service branches and fourteen ATM Centers in Bedford Stuyvesant, Crown Heights, Flatbush, Fort Greene, Harlem, East Harlem, Jamaica and St. Albans.

Carver Bank & The Community[edit]

From its inception, the goal of Carver was to foster community growth by providing local residents a place to obtain mortgages to buy homes, and grow businesses within the communities it serves. 100% 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 $200 million dollars in community development, commercial real estate, and small business loans. In addition, Carver provides free financial empowerment workshops and tax preparation services. Carver's strong devotion to community is represented in the company's slogan: "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 it serves. 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 underserved neighborhoods. A measure of its progress in achieving this goal includes the Bank's consistent "Outstanding" Community Reinvestment Act rating.

Carver Federal Savings Bank Headquarters[edit]

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

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, , a four-story, state-of-the-art symbol of the economic renaissance of Harlem.

Carver Goes Public[edit]

On October 24, 1994, following an IPO, the Bank became the first African-American operated bank listed on NASDAQ, with the symbol "CARV". In 1996, Carver completed its reorganization into a holding company and became a 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 its common stock listing from the American Stock Exchange back to NASDAQ under the ticker symbol "CARV". Carver began trading again on July 10, 2007.

Transition of Leadership[edit]

From 1948 to 1968, Carver was led by Joseph E. Davis, its first President and Chief Executive Officer ("CEO"). In 1970, Richard Greene was appointed President and CEO and led Carver for the next 25 years. In 1995, Thomas Clark Jr. was appointed director, President and CEO succeeding Richard Greene. In April 1999, Carver's Board of Directors appointed Deborah C. Wright as its first female President and CEO. She currently serves as Chairman and CEO.

Business and Branch Network[edit]

As of 2014, the Bank operates ten full-service branches and fourteen ATMs in stand-alone ATM centers in New York City. Carver has administrative offices in Harlem and Downtown Brooklyn. The company is headquartered in Harlem, New York.

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 properties and residential housing developments. Carver is a leading leader to Houses of Worship and non-project organizations.


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

External links[edit]