Carver Federal Savings Bank Expands Presence Offering Online Consumer Accounts Across Several Key Markets In Northeast

Rhea-AI Summary

Carver Federal Savings Bank has expanded its online services to include consumer checking and savings accounts across nine states, from Rhode Island to Virginia, including Washington, D.C. Since launching these accounts, the bank has received approximately $5 million in new deposits and opened around 1,000 new accounts. Carver's commitment to community reinvestment is evident, as it reinvests $0.80 of every deposit dollar back into low- to moderate-income communities. The bank is rated 'Outstanding' by the U.S. Office of the Comptroller of the Currency for its efforts in community reinvestment.

Positive

• Expansion of online services to nine states, increasing market presence.
• Acquisition of approximately $5 million in new bank deposits.
• Opening of around 1,000 new consumer accounts since launch.
• Rated 'Outstanding' for community reinvestment by the U.S. Office of the Comptroller of the Currency.
• Reinvestment of $0.80 for every deposit dollar back into communities.

Negative

• None.

NEW YORK, Dec. 2, 2020 /PRNewswire/ -- Carver Federal Savings Bank ("Carver" or the "Bank"), a federally chartered stock savings bank and a certified Minority Depository Institution ("MDI"), announced today that the Bank recently expanded its online presence to include consumer checking and savings accounts across several key markets in the Northeast. The presence has expanded to nine states, from Rhode Island to Virginia, and Washington, D.C.

Consumers located in Washington, D.C., and the following states can now open a personal online account with Carver: Connecticut, Delaware, Maryland, Massachusetts, New York, New Jersey, Philadelphia (PA), Rhode Island, and Virginia.

"Consumers and businesses today are increasingly interested in putting their bank deposit dollars to work at institutions that reinvest in their communities," said Michael T. Pugh, President and CEO of Carver. "Since launching our online consumer accounts in these Northeast markets, the response has been positive with approximately $5 million in new bank deposit received and approximately 1,000 new accounts. On behalf of the Bank, I want to welcome these customers to the Carver family, and we look forward to building a long-term relationship with them and the communities in which they live and work."

Carver is consistently awarded an "Outstanding" rating for community reinvestment by the U.S. Office of the Comptroller of the Currency based on the geographic distribution of the Bank's loan portfolio given the communities it serves. The Bank further distinguishes itself by reinvesting approximately $0.80 of each deposit dollar back into the diverse low- to moderate-income communities it serves through competitively priced loans.

As a member of the Allpoint ATM network, Carver customers have access to over 55,000 participating ATMs throughout the United States and worldwide – all at no additional charge. Allpoint ATMs are found at retailers such as Target, Costco, CVS, Walgreens, and Wawa. For further information, please visit: www.allpointnetwork.com.

For more details on how to open an online personal account with Carver, please click here. 

About Carver Bancorp, Inc.
Carver Bancorp, Inc. (Nasdaq: CARV) is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Headquartered in Harlem, NY, Carver was founded in 1948 to serve African-American communities whose residents, businesses, and institutions had limited access to mainstream financial services. The U.S. Treasury Department has designated Carver as a Community Development Financial Institution ("CDFI") because of its community-focused banking services and dedication to its local community's economic viability and revitalization. Carver is the largest African- and Caribbean-American managed Bank in the United States. For further information, please visit the Company's website at www.carverbank.com.

Please be sure to connect with Carver on social media:

• Facebook
• Instagram
• LinkedIn
• Twitter
• YouTube

Media:
Michael Herley, 203.308.1409 or michael.herley@outlook.com

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.

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SOURCE Carver Federal Savings Bank

FAQ

What states can consumers open accounts with Carver?

Consumers can open accounts in Connecticut, Delaware, Maryland, Massachusetts, New York, New Jersey, Pennsylvania, Rhode Island, Virginia, and Washington, D.C.

How much in new deposits has Carver received since the online launch?

Carver has received approximately $5 million in new bank deposits.

How many new accounts has Carver opened recently?

Carver has opened around 1,000 new accounts since launching online services.

What is Carver's community reinvestment rating?

Carver is rated 'Outstanding' for community reinvestment by the U.S. Office of the Comptroller of the Currency.

How much does Carver reinvest into communities for every deposit dollar?

Carver reinvests approximately $0.80 of each deposit dollar back into diverse low- to moderate-income communities.