Carver Bancorp, Inc. Interim CEO Craig C. MacKay Comments on the Bank's Recent Performance
- None.
- None.
November 29, 2023
Dear Carver Shareholders:
Carver Federal Savings Bank's ("Carver" or the "Bank") performance for the six-month period ended September 30, 2023 highlights the continued impact of our long-term investments in people, processes, and technology. Carver's improving scale, efficiency, and resilience define our pathway to sustainable profitability. Fueled by organic loan growth and greater liquidity, Carver's asset base increased by
Carver's fiscal year began in the wake of the failures of two regional US banks and a global banking giant, followed by a series of monetary tightening actions, growing uncertainty over US government funding and an increase in the federal funds target range of
Carver continues to grow, closing over
- Brown Coaching and Consulting, LLC – working capital financing for this
New Jersey -based social services consulting company. - Cornerstone Baptist Church – refinancing this leading
Brooklyn -based Baptist church and a long-standing center for skills training and social services in theBedford -Stuyvesant community since 1920. - Omega Care Solutions, LLC – working capital financing for this
Bronx -based consulting and staffing services company that provides healthcare management services to hospitals, nursing facilities and schools. - Consumer Finance – Carver's fintech partnership, which has helped to increase loan portfolio diversification, is flourishing as consumer loan closings increased by
43% in the September quarter.
With the holiday season upon us, Carver is thankful for the continued support of its shareholders, the patronage of its new and existing customers, its collaboration with strategic partners, and most importantly, the peerless dedication of our employees.
From the Carver family to yours, we wish you a happy and healthy holiday season!
Sincerely,
Craig C. MacKay
Interim President & CEO
Carver Bancorp, Inc.
ABOUT CARVER FEDERAL SAVINGS BANK
Carver was founded by a consortium of faith and business leaders in
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, risks, and uncertainties. More information about these factors, risks, and uncertainties is contained in our filings with the Securities and Exchange Commission.
1 BankRegData | November 7, 2023
Media:
Michael Herley for Carver
203.308.1409
mediainquiries@carverbank.com
Investors:
ir@carverbank.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/carver-bancorp-inc-interim-ceo-craig-c-mackay-comments-on-the-banks-recent-performance-302000547.html
SOURCE Carver Bancorp, Inc.
FAQ
What is the ticker symbol for Carver Bancorp, Inc.?
What was the increase in Carver's asset base for the six-month period ended September 30, 2023?
What was the increase in Carver's deposit base through the September quarter?
What was Carver's Net Interest Margin as of the September quarter?
What was the percentage increase in consumer loan closings in the September quarter?