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) serves as New York City's leading community-development focused financial institution, providing essential banking services since 1948. This news hub offers investors and community stakeholders timely updates on CARV's financial performance, strategic initiatives, and ongoing commitment to economic empowerment in underserved neighborhoods.
Access authoritative reporting on earnings announcements, leadership updates, and partnership developments that drive CARV's mission as a certified Community Development Financial Institution. Our curated collection features:
• Quarterly financial results
• Community reinvestment programs
• Strategic partnership announcements
• Regulatory filings and governance updates
Bookmark this page for direct access to CARV's latest developments in community banking innovation and urban economic revitalization. Check regularly for new insights into how this Minority Depository Institution continues bridging financial service gaps through deposit solutions and digital banking advancements.
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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