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.
M&T Bank is launching a Harlem Multicultural Small Business Innovation Lab aimed at empowering diverse entrepreneurs. This six-week program, starting March 30, 2023, will provide resources and education to local business owners and culminate in a pitch competition with a total prize pool of $35,000. The initiative seeks to enhance the visibility and success of racially and ethnically diverse businesses in Harlem. Applications are open until March 10, 2023, and are targeted at entrepreneurs generating less than $150,000 annually. The program builds on M&T's previous successes across various communities.
Carver Federal Savings Bank has partnered with Upstart, a leading AI lending marketplace, to enhance access to personal loans for middle-income communities. This collaboration aims to utilize Upstart's AI technology to assess creditworthiness beyond traditional credit scores, promoting economic empowerment. Carver, which became an Upstart lending partner in August 2022, will offer tailored loan offers to qualified applicants via the Upstart Referral Network. The partnership aims to provide affordable credit and improve the online lending experience for consumers.
Carver Bancorp, Inc. (NASDAQ: CARV) has appointed Robin L. Nunn as an independent member of its Board of Directors as of October 17, 2022. Nunn, a skilled attorney with significant experience in the banking sector, currently partners at Morgan Lewis & Bockius LLP. She will bring valuable expertise in regulatory compliance and cybersecurity to the board. The company expects that her contributions will strengthen oversight capabilities and enhance value. Carver is a certified Minority Depository Institution focused on serving African-American communities and has expanded its online banking services across several states.
Carver Federal Savings Bank's CEO, Michael T. Pugh, is featured on the cover of the March 2022 edition of The CEO Magazine. Pugh emphasizes the importance of Diversity, Equity, and Inclusion (DEI) in financial services, highlighting the role of the Buy Black initiative in supporting minority-owned businesses. He reflects on Carver's long-standing commitment to DEI, noting its historic roots and ongoing support of women in leadership. Carver is a recognized Minority Depository Institution and Community Development Financial Institution, dedicated to serving underrepresented communities.
Carver Federal Savings Bank has partnered with Moody's Analytics to implement its CreditLens solution, enhancing customer experience and streamlining credit applications. This integration is set to fully roll out to business clients in early 2022, featuring improved small business loan products. The collaboration aims to address financial inequalities faced by communities of color, particularly during the COVID-19 pandemic. Carver, a certified Minority Depository Institution, emphasizes its commitment to technology to bolster its support for Minority and Women Business Entrepreneurs.
Carver Federal Savings Bank and Touro Graduate School of Business have launched a scholarship program for Carver employees, covering graduate certificate and degree programs. This initiative offers a discounted tuition rate and reimbursement upon program completion. The partnership aims to boost personal growth and enhance African-American and Latinx managerial talent in New York. Carver President Michael T. Pugh emphasized the program's role in recruiting and retaining banking talent, while Touro Dean Mary Louise Lo Re noted its accessibility for working professionals.
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