Welcome to our dedicated page for Carver Bancorp news (Ticker: CARV), a resource for investors and traders seeking the latest updates and insights on Carver Bancorp stock.
Carver Bancorp, Inc. (NASDAQ: CARV) is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank headquartered in Harlem, New York. Founded in 1948 to address the banking needs of African-American communities, Carver remains committed to providing economic empowerment and financial services to underserved neighborhoods.
Carver Federal Savings Bank commenced operations in 1949 and quickly expanded, opening branches in Brooklyn, Manhattan, and Queens. Today, it stands as the largest African- and Caribbean-American operated bank in the United States, with a mission to channel capital resources into communities that need them most. Carver reinvests over 83% of its deposits into local neighborhoods, ensuring access to financial services and promoting economic stability.
Carver offers a comprehensive range of financial products, including demand, savings, and time deposits for consumers, businesses, and government agencies. The bank also provides consumer and commercial banking services such as online banking, debit cards, online bill pay, and telephone banking. Notably, Carver has been designated as a Community Development Financial Institution (CDFI) and a Minority Depository Institution (MDI) by the U.S. Treasury, reflecting its strong commitment to serving minority and low-income communities.
Recent achievements include the successful implementation of a microloan program that assists small businesses affected by the COVID-19 pandemic. By leveraging algorithm-based software, Carver helps entrepreneurs access capital, overcoming traditional credit barriers. The initiative has already begun to positively impact economic activities in Harlem, Brooklyn, and Queens.
In January 2023, Carver emerged from a period of enhanced regulatory oversight with strengthened capital and liquidity positions. The bank continues to grow, boasting over $720 million in assets as of June 30, 2023, and has maintained solid capital ratios that exceed 'well-capitalized' levels. This progress has been supported by strategic partnerships and technology upgrades aimed at enhancing operational efficiency and customer service.
Carver’s dedication to community development is also evident in its recent collaboration with NY Green Bank. The $25 million revolving senior unsecured term loan will finance clean energy projects, supporting Carver’s mission to promote sustainability and improve quality of life in underserved neighborhoods.
For more information, visit Carver's website at www.carverbank.com. Stay connected with Carver on Facebook, LinkedIn, and Twitter.
Dream Chasers Capital Group announced that approximately 70% of retail shareholders supported their nominees for Carver Bancorp's (NASDAQ: CARV) Board of Directors at the December 12, 2024 Annual Meeting. The voting was controversially extended by 45 minutes beyond the deadline. Dream Chasers is demanding transparency regarding the vote counts and any last-minute communications with large shareholders. They're calling for the immediate appointment of Jeffrey Anderson and Jeffrey Bailey to the Board, citing the preliminary results showing their nominees received similar vote counts as sitting Directors. Additionally, the advisory say-on-pay matter failed according to preliminary results, indicating shareholder dissatisfaction with compensation management.
Dream Chasers Capital Group urges Carver Bancorp (NASDAQ: CARV) shareholders to vote for change ahead of the Annual Meeting. The deadline to vote electronically is December 11, 2024, at 11:59 PM. Dream Chasers advocates voting FOR Jeffrey Anderson and Jeffrey Bailey for the Board of Directors using the BLUE proxy card, while voting WITHHOLD on current directors.
CEO Greg Lewis criticizes the current board's performance, highlighting the bank's low $9.4 million market capitalization and $1.831 stock price. The company argues that new leadership is needed to transform Carver into a stronger institution serving African American communities with business loans, mortgages, and investment services.
Dream Chasers Capital Group has issued an open letter urging institutional shareholders of Carver Bancorp (NASDAQ: CARV) to support board nominees Jeffrey Anderson and Jeffrey Bailey at the December 12, 2024 Annual Meeting. The letter highlights Carver's poor performance, including losses of nearly $25 million over the last decade and a 79% decline in shareholder value over ten years. ISS has noted Carver's 'long history of TSR and operational underperformance' and need to rethink strategy. Dream Chasers calls on major investors like National Community Investment Fund, Bank of America, J.P. Morgan, and American Express to drive change in leadership.
Dream Chasers Capital Group urges Carver Bancorp (NASDAQ: CARV) shareholders to vote for new board members Jeffrey Anderson and Jeffrey Bailey at the December 12, 2024 Annual Meeting. The group criticizes the current board's performance, citing $25 million in losses over the last decade and a 79% decline in shareholder value. Dream Chasers emphasizes the need for new leadership to focus on deposit growth, profitability, and improved governance. The letter challenges current board nominees Kenneth Knuckles and Jillian Joseph, highlighting their lack of banking experience and the company's poor performance during their tenures.
Dream Chasers Capital Group has called for urgent action from Carver Bancorp (NASDAQ: CARV) following the company's reported $2.1 million loss in Q2, increased from $1.48 million loss in Q2 2023. The company has accumulated $25 million in losses over the past decade, resulting in an ~80% stock price decline. Dream Chasers urges shareholders to vote for Jeffrey Anderson and Jeffrey Bailey for the Board of Directors using the BLUE proxy card, while voting WITHHOLD on current directors. Anderson, former CFO of J.P. Morgan's Northeast Region Retail Banking, and Bailey, Carver's largest individual shareholder, are proposed to lead initiatives for profitability and increased shareholder value.
Dream Chasers, holding 9.7% of Carver Bancorp shares, has urged shareholders to support two new board nominees, Jeffrey Anderson and Jeffrey Bailey, at the upcoming December 12, 2024, annual meeting.
In a letter to shareholders, Dream Chasers highlighted Carver's poor performance under the current board, noting an 80% stock price decline over the past decade and only one profitable fiscal year. They emphasized Carver's underperformance against the bank index by 237% over ten years and significant financial losses, including a $3 million loss in fiscal year 2024.
Dream Chasers criticized the entrenched board, which holds minimal shares and appears disconnected from shareholder interests. They proposed Anderson and Bailey, citing their extensive financial expertise and alignment with shareholder perspectives. Dream Chasers also outlined a growth strategy for Carver, including expanding wealth-building services and improving marketing and technology efforts.
Carver Bancorp, Inc. (Nasdaq: CARV) has appointed Donald Felix as its new President and CEO, effective November 1, 2024. Felix, an accomplished banking executive with over 25 years of experience, will succeed Interim President and CEO Craig C. MacKay. Carver, a certified Community Development Financial Institution and Minority Depository Institution, focuses on serving underserved communities in New York City.
Felix's extensive background includes roles at Citizens Financial Group, JPMorgan Chase, and Citi, where he has driven profitability, grown deposits, and innovated in digital banking. The Board expects Felix to help Carver achieve its strategic objectives, create new revenue streams, and enhance shareholder value while fulfilling its mission of expanding access to capital in the communities it serves.
Carver Bancorp, Inc. (Nasdaq: CARV) reported a 32% reduction in net loss to $3.0 million for the fiscal year ended March 31, 2024. The company achieved breakeven in the second half of the year, showing positive earnings momentum. While net interest income decreased by 1% to $22.6 million, non-interest income surged by 87% to $6.7 million. Key financial highlights include:
- Interest income up 23%
- Net interest margin improved by 28 bps to 3.31%
- Assets per employee up 1.9%
- Deposits increased by 7.8%
Carver's progress is supported by partnerships with major banks and new initiatives, including a $25 million credit facility for decarbonization projects and an enhanced loan application system. The bank maintains its commitment to serving underserved communities and has received 'Outstanding' CRA Ratings for over 20 consecutive years.
Carver Bancorp (Nasdaq: CARV), the parent company of Carver Federal Savings Bank, has secured a $25 million revolving loan facility with NY Green Bank.
This fund aims to support building decarbonization projects in New York City, including clean energy and building electrification, electric vehicle fleet upgrades, and EV charging infrastructure.
Additionally, the funding will assist MWBE contractors involved in green energy projects, weatherization, and green technology. Carver's efforts align with New York State's greenhouse gas reduction goals and aim to promote sustainable infrastructure in diverse, middle-income communities.
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